NDX Finding Support
NDX looks like it could find support at ~11,000 for the following reasons.
1) Potential Trend Line Forming; Break toward the top
2) I have the 2 Stdev Bollinger bands plotted: Price action is at the lower limit at this moment and could present buying pressure from the many who use this metric for entry points.
3) Fib levels show a retracement level at about 11,0000
4) VXN looks like it is hitting resistance at 43 and we are lower today than the values we saw on 10/28. Next resistance is ~46, and then ~60, so some risk there if volatility breaks out, but currently looks like the 43 level is holding.
5) PCC ratio is lower than the 10/28 value as of this moment, providing a little bit of comfort.
With this in mind, I believe this is a decent entry point for those willing to take the risk. If you have the ability to trade options, maybe consider selling some delta 30 covered calls to hedge your trade.
1) Potential Trend Line Forming; Break toward the top
2) I have the 2 Stdev Bollinger bands plotted: Price action is at the lower limit at this moment and could present buying pressure from the many who use this metric for entry points.
3) Fib levels show a retracement level at about 11,0000
4) VXN looks like it is hitting resistance at 43 and we are lower today than the values we saw on 10/28. Next resistance is ~46, and then ~60, so some risk there if volatility breaks out, but currently looks like the 43 level is holding.
5) PCC ratio is lower than the 10/28 value as of this moment, providing a little bit of comfort.
With this in mind, I believe this is a decent entry point for those willing to take the risk. If you have the ability to trade options, maybe consider selling some delta 30 covered calls to hedge your trade.
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