Wednesday, May 25, 2011

Nasdaq Mini Future End Of Day Macro Charts 5/25

Yesterday, I said the 2320 level would be significant resistance. Today's short covering melt up in the afternoon stalled in the very same area and came off it pretty good. I was scared a little bit watching my shorts get hammered today, especially when I added to them at 2307, but the last hour of the session calmed me down. Looking at it now, today was a proverbial dead cat bounce. Sell the pops, Nasdaq is headed to at least it's previous support of 2280, and most likely lower, to the bottom of the bearish magenta channel. If the Nasdaq can close back into the old bullish channels above it (blue and light blue) I will change my tune. Until then... STFP (sell the fucking pop)

No comments:

Post a Comment