Well, back home and most of what I've looked at tonight is right on the edge.
On the NDX, there is a falling resistance line that has stopped most of the options ramps since March with a few throw-overs that is in play now. That line either stopped today's ramp or is close to it.
Many indicators I drew trend lines on show this is turn-back time or break-out time. NASI, NAHI, NALO, and other charts have falling resistance lines in play. The 60-minute NDX is above the upper BB, which is often times a good shorting op.
OTOH, the dailies turned up, but are once again very overbought.
We need to remember that this is options expiration week, and they whipsaw us to get us out of our positions at the most in-opportune time.
Max Pain on the QQQ is 23. We're at 24. There are 115,000 more calls than puts at QQQ 24. If you think we're closing above 24 QQQ on Friday, I've got a nice bridge in Brooklyn I'd like to sell to you.
Today we hit 22.50 on the QQQ and 24.20. We're on the high side, and we hit the low side. Logic would indicate we'll be dropping from here into Friday. What happens after that we'll worry about next week.
Near term, I don't see more than 10-points upside potential on the NDX tomorrow (980-983). That's where a rising resistance line intersects. Lots of wedgie stuff out there also.
BTW, Brooke has CI's she follows and they are also indicating topping in the COMP.
Hope everyone's cool. |
