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Let's talk about 3 things here today...
1. QQQ - I thought that QQQ was a bull trap for several reasons, like Cycle timing, The MACD, the Open Gap was pretty obvious, and other internal factors were keeping me cautious, but the Bulls were still buying each reversal.Was this just another Bull Trap?
QQQ - The NASDAQ dropped as expected, actually losing 123 points. The QQQ slammed into the 50sma and it could bounce from here, but ...
Patience in this area is important. I doubt that we will get a swing low on Friday, with a candle as big as yesterdays in place.
Read MoreI sure hope that it is break time! Let's take a look at our markets after the Fed minutes were released...
QQQ - I captured this chart at 1:49 p.m.- right before the Fed Minutes were released. Do you see similarities in the blue boxes that I have been pointing out? I don't like that gap.
Read MoreAs time moves forward, we are seeing progress in various areas of the market. Today at 2 p.m. Eastern Time, the Fed Minutes are released and that often can affect the markets too, so let's take a look at where things stand...
SPX - No change from yesterdays report & expectation at this point.
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