So, the SEC may have decided to take the head-in-the-sand approach, perhaps sparking an early rally today?
The Q's gapped down right into a previous congestion/pivot area which found footing rather quickly. The NasdaqTick (second chart, bottom sub-graph) didn't support much of a continued downside and we were off to the races, extending all the way to R1 before consolidating. A further push towards previous resistance basically ended the momentum plays as the remainder of the day was very choppy. Price currently bases around $30.65.
The daily looks interesting. Price basing at a neckline with an inverse Head & Shoulders pattern with today's price leaving us with a Bullish engulfing candle.
Meanwhile, Gold stays solid, the U.S.Dollar index perked up, and have you noticed NFLX lately? After a recent analyst downgrade this issue looks awfully strong.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
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