NQ1!: CONFIRMED CHANNELS & OVERSUPPLY MOVE ON 12/13
Note: In the chart above I have provided a clear distinction between what I would consider to be CONFIRMED CHANNELS that have been held for a considerable amount of time.
Points:
1. With todays trading day on 12/13 we moved back into oversupply territory where price action failed to hold.
2. Oversupply move confirms a rejection of the 200 EMA Line.
3. Key Level for NQ1! to hold is 11,600 or we can be set to see new lows and lower highs.
4. Current channel we are resting on will collapse if NQ1! decides to break past 10,600 this would be the equivalent of $SPY breaking 350.
Points:
1. With todays trading day on 12/13 we moved back into oversupply territory where price action failed to hold.
2. Oversupply move confirms a rejection of the 200 EMA Line.
3. Key Level for NQ1! to hold is 11,600 or we can be set to see new lows and lower highs.
4. Current channel we are resting on will collapse if NQ1! decides to break past 10,600 this would be the equivalent of $SPY breaking 350.
