The Nasdaq Composite Index finished the week taking out previous lows and closing right under the '08 lows of 1295.48.Meanwhile, the Nasdaq100 is still just shy of the '08 lowsa slow-bleed all day long. The Nasdaq was primarily led by the drubbing of AMZN and AAPL, while the last 30-min showed us something that I would assume was a short-covering squeeze; those covering their short positions before the weekend.
The Qs breached support within the first 30-min and tumbled quicklyMost of the afternoon price chopped around S2, with a few stabs at vwap, and ultimately a squeeze above S1.GOOG showed some relative strength once falling below $300, it ramped back up to close above previous resistance.Meanwhile, the trendline breach on the daily looks like it might want to make an attempt at getting back above that range, though it looked done for at one point this morning.
Also, looks like a bear flag breach on the weekly, and desperately holding on
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 firstname.lastname@example.org
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