Hey traders,
Weakness overnight I think puts us in a tough spot here. I expect to see some buyers try to defend 4390-4400 area. If they are not able to do so, I would look for a nasty down move.
We are in negative gamma territory in Nasdaq and we are seeing a shift out of big tech and into the 10 year note. What does that mean for us? Well, if NQ can sustain weakness we could get some forced margin selling, which can influence SP500 futures as well.
This is not a doomsday prediction, as I am long myself here. However, I would be careful under 4390. I have my stops around 4380 just so I'm far enough away that I won't get hurt too bad if the market goes south today.
Weakness overnight I think puts us in a tough spot here. I expect to see some buyers try to defend 4390-4400 area. If they are not able to do so, I would look for a nasty down move.
We are in negative gamma territory in Nasdaq and we are seeing a shift out of big tech and into the 10 year note. What does that mean for us? Well, if NQ can sustain weakness we could get some forced margin selling, which can influence SP500 futures as well.
This is not a doomsday prediction, as I am long myself here. However, I would be careful under 4390. I have my stops around 4380 just so I'm far enough away that I won't get hurt too bad if the market goes south today.
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