We finally saw a decent amount of volatility today with PCE and consumer sentiment. We saw a decent range on NQ, had a move over 100 points above 20k and then reversed back almost 100 points under 20k. Overall the end result is a pretty flat day. We did have quite a bit of volatility in the final hour, NQ ended up breaking below 20k and closing below, which I consider important along with NVDA holding support.
Even with NQ dumping 100 points in minutes as it broke below 20k, NVDA never really broke this 123. These are my lines in the sand for now. NVDA has held 123 time and time again, and NQ has held 20k time and time again. It's been a giant chop fest where NQ mostly ends up flat. In order to keep my bearish bias on the market as a whole, I need to see NVDA fail here and break well below 123, along with NQ finally breaking below 20k and staying below.
Short week next week, so who knows what will happen. I'm most likely going to take it easy until after the fourth, so I may wait until after next weekend. I'll do some challenge updates and other things in the meantime, but for now I'm getting off the screens. Hope you have a great weekend and holiday if celebrating.
Even with NQ dumping 100 points in minutes as it broke below 20k, NVDA never really broke this 123. These are my lines in the sand for now. NVDA has held 123 time and time again, and NQ has held 20k time and time again. It's been a giant chop fest where NQ mostly ends up flat. In order to keep my bearish bias on the market as a whole, I need to see NVDA fail here and break well below 123, along with NQ finally breaking below 20k and staying below.
Short week next week, so who knows what will happen. I'm most likely going to take it easy until after the fourth, so I may wait until after next weekend. I'll do some challenge updates and other things in the meantime, but for now I'm getting off the screens. Hope you have a great weekend and holiday if celebrating.
