NQ1!, ATH is Tested, Time to Take Some Profit
A very bullish overnight session tagged the ATH before the day session opening. An overbought condition at the ATH offered a short setup from the getgo. It’s all about the risk/reward. The upside was questionable and the downside could offer plenty of reward. It’s hard to go against the market but the mentality should be based on potential reward.
In my previous post I indicated that a daily candle on April 15 suggests a failed breakdown of the wedge and the buyers would try to break the wedge to upside. This is a classic price action. It comes to no surprise today’s action. The buyers broke the wedge to upside. Notice how April 15 and April 17 daily candles are mirroring each other.
Today’s upside move is a courtesy of mega tech stocks. It was a disconnect with broader market though. Small and mid caps were quite weak and finished in red.
Tomorrow is the last session before the long weekend.
04/17/2019
In my previous post I indicated that a daily candle on April 15 suggests a failed breakdown of the wedge and the buyers would try to break the wedge to upside. This is a classic price action. It comes to no surprise today’s action. The buyers broke the wedge to upside. Notice how April 15 and April 17 daily candles are mirroring each other.
Today’s upside move is a courtesy of mega tech stocks. It was a disconnect with broader market though. Small and mid caps were quite weak and finished in red.
Tomorrow is the last session before the long weekend.
04/17/2019