I don't see any reason to be bullish at this point, but it seems like nothing can kill the Nasdaq, even bad news. So here's the bull scenario for you guys....
There's an open gap in NQ from Feb, and unfilled futures gaps are rare, so it fill that first, dips, then heads for a double top attempt.
You might ask, how the heck can NDX double top or possibly even set a new high with a recession coming? Well, look at 2007. Financials peaked in May, SPX double topped later that fall, and NDX set a new high even though everyone knew subprime was going to be an issue and the housing bubble was going to collapse.
I'll post a plot of XLF here soon, but it's going to be a bumpy 2 year ride down....
There's an open gap in NQ from Feb, and unfilled futures gaps are rare, so it fill that first, dips, then heads for a double top attempt.
You might ask, how the heck can NDX double top or possibly even set a new high with a recession coming? Well, look at 2007. Financials peaked in May, SPX double topped later that fall, and NDX set a new high even though everyone knew subprime was going to be an issue and the housing bubble was going to collapse.
I'll post a plot of XLF here soon, but it's going to be a bumpy 2 year ride down....
In any case, ES1 RSI is touching overbought but MFI isn't, NQ isn't quite there either on RSI or MFI. Too early to short, too late to chase. SHowing futures gaps on the premarket pump which will need to be filled.
POwell says he's gonna pump the market some more so be careful about shorting.
SOme time later this week, MFI will go oversold and create a buying opportunity... watch. Gonna be patient this week.