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Yesterday at 7 a.m. I saw that the futures for the DJIA, SPX, and NASDAQ were green, but I said that I expected them to would sell off and close red for the day. They did. What about now , the futures are Green again pre-market, Are we due for a bounce? Lets look at some charts...
March 9 , QQQ looking for more downside. Notice the yellow dotted line and blue trend line break out
Lets look at the various markets as of yesterday ...
Read MoreAs mentioned in the past, there are times when the markets allow us to see clearly the direction they want to head in for a sustained period of time, and at other times it's just not that clear. Often times when the various markets are changing direction, price gets a little choppy. Entering trades during that period can be frustrating too, since even good set ups may work for a day or two , only to fail the next. Unless you are a day trader , then that leads us to this conclusion for traders who want to buy & hold positions for a week or two - Sometimes it's a good time to be trading and at other times it's best to just try to be patient.
Futures are currently higher in the DJIA, SPX, and NASDAQ, is the pullback over?
Yesterday , I was looking for a deeper pullback
Yes, the futures are green, but is it just a bounce? Notice what I wrote on the following chart of the QQQ's...
Read MoreThere are times in the markets when the next short term direction is a little hazy, though the longer term view seems fairly certain. Lets face it, when one is invested , any uncertainty can cause one to get anxious while holding positions, especially if there is any volatility. So what can be done to find peace Of Mind under such circumstances? Lets review the various markets and then answer that question.
QQQ- The 1st target in the Nasdaq was met ( 5000) , and now a drop is likely.
The Nasdaq has plenty of room to drop, even just to "test" the recent break out, but notice the SPX...
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