It looks like the major equity indexes are making a move up today, with the Russell 2000 and Nasdaq leading the way. Both are coming upon critical levels here in the early afternoon, with Russell reaching the first level of the complete downmove's retracement (@827.6) along with the trendline in purple. The nasdaq is coming upon a confluence of retracements at the 2327-2332 level. While I've been recommending short equity indexes, Todays close and tomorrow will be important. Closes over these aforementioned levels in the Nasdaq and Russell would make me probably dump what I have going into the long weekend. But we've seen this multiple times now on this downtrend in all equities as they make new lows then pullback for a couple days. Don't be shocked if we finish at these levels today and then head south on Friday into the weekend.
No comments:
Post a Comment