Heading into today, the primary objective was checking back to the price level where participants originally reacted to the Russian plane crash news. This is one of the fundamentals of futures trading; expect the market to revisit news driven moves.
The NASDAQ lacked market profile structural support where it bounced. Instead it was buyers asserting themselves and defending the trend day (or conviction day as OA calls it). The FANG dominated NASDAQ was also divergent from the other indices, and when it bounced it ran hard.
After that happened, the next logical task was going back to 4670.
We are in a neutral print now. The question is will it end with a standard neutral close near the mid, or will we close neutral EXTREME?
Either way, keep an eye on which areas of the market hold strong. So far its been small caps.Comments »