If you dissect this multi-year range in stocks, you’ll find that the Nasdaq point of control is right here, at 4296. This also happens to be today’s low.
Earlier this year when attempting to give a longer term view of the markets, I had mentioned that after a good strong rally that a move back to the middle was possible. We’ve spent a lot of time speaking about the divergence in small caps for the last two weeks, but in the mean time, the Nasdaq has been the first to make that move. Right back to the middle.
Should this level fail, and with small caps starting to respond to the overall weakness, fair to say that things will likely be dicey in the near term.
OA
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The magic poll strikes again ?
OA,
Educational question. Why is 4296 support on the Nasdaq futures? What am I missing in your chart above?
You really can’t put the chart and the blog together?
I see it now, the 4296 goes all the way back to 2014. Sorry for the stupid question.
“Moves to the middle”
Opening comment: “If you dissect this multi-year range in stocks, you’ll find that the Nasdaq point of control is right here, at 4296. This also happens to be today’s low.”
So the multi-year range being 3,900-4,700 so the middle is 4,300 which is support?
Sounds like you need to start working on your market profiling.
OA – What is your stop point on JDST?
Wait, he hasn’t been stopped out after like a 30% move??
I’m already out of that.
The NQ is in a world of hurt. If there isn;t a major rally here to close the week we will test 85 on the QQQ’s over the summer.
OA, also interested on your take of JDST here. Thanks
i seriously don’t get why gold keeps rocketing higher. I mean at some point, there will be another increase. but i’ve given up trying to understand that trade.
Dollar weakness you dumbshit. Are you not watching commodities and all things dollar related here?
yes, most brilliant guy. i get that. and my comment is all related to that. don’t get why dollar is crashing so hard. hike likely in june
THANK Y0U @Option Addict
*facepalm*
2 many people blabbing about gold w/o the slightest idea of what drives price
Commodities trade in dollars dude. Read up on your WW II history, i.e. the Bretten Woods Conference. Then you will understand the relationship between the dollar and commodities.
the Nikkei is the one that will bring the house down. I’m hoping for a rally the next couple of weeks to take a major short position in the Nikkei
NK is going to open up down 1000 on Sunday.
$NMBL looking like the spot. Can manage with a tight stop.
Volatility is actually not bad in this one. Could play options.
I just watched a video of a big bear tell me he’s bullish now
look out below team
just go to Slope if you ever want a reason to be bullish
Jeff, any thoughts on CL_F here?
My oil target has been $46. But if the dollar continues to crush here, that may end up being wrong
My $BAS buy this week was a bet on $50 oil
So does this mean we’re just back to balance here in the indices until some china news or Brexit vote?
You tell me? You sound like you’ve got it figured out. Did you reenter those shorts?