This is a picture perfect pitchfork setup on the 1HR chart! Formation started 10 days back adding to the overall channel strength.
Today was a clear up day after yesterday’s FED decision to leave rates fixed through the rest of the year. The overall decision, though positive, was not powerful enough to keep the upward trend and the market gave up most of its earnings into early afternoon. The reversal fell to the lower support (The bottom of the pitchfork).
Wondering if new $NQ highs are in store?
Approx 3:30pm ET, market spikes with announcement of partial China/US trade deal reached and on Trumps desk for signing.
Market Closes in mid/lower pitchfork channel.
$NQ reopens @ 6pm ET with gap up to upper pitchfork.
Current View: market extremely temperamental awaiting confirmation of Trump signature. Signing will lead to new highs into the weekend. Will Trump sign? Know one knows what Trump will do, but I lean toward a yes as Trump needs a STRONG stock market leading into the election year and pending a congressional impeachment.
Today was a clear up day after yesterday’s FED decision to leave rates fixed through the rest of the year. The overall decision, though positive, was not powerful enough to keep the upward trend and the market gave up most of its earnings into early afternoon. The reversal fell to the lower support (The bottom of the pitchfork).
Wondering if new $NQ highs are in store?
Approx 3:30pm ET, market spikes with announcement of partial China/US trade deal reached and on Trumps desk for signing.
Market Closes in mid/lower pitchfork channel.
$NQ reopens @ 6pm ET with gap up to upper pitchfork.
Current View: market extremely temperamental awaiting confirmation of Trump signature. Signing will lead to new highs into the weekend. Will Trump sign? Know one knows what Trump will do, but I lean toward a yes as Trump needs a STRONG stock market leading into the election year and pending a congressional impeachment.