Let me just say thank you to John Carter and Hubert Senters at TradeTheMarkets for the gap fade setup (which I got from John’s book). That bad boy is money. I may have to double my size when take that setup.
Here are the charts for today. I posted the Nasdaq-100 (NDX) instead of the Nasdaq Composite to show the 1,800 level I mentioned in this morning’s watchlist. The NDX tried to bounce off of 1800 but a late crush of selling pushed the index right through that line.
A small selloff on the S&P…
The Russell was the worst of the major indices today, down 1.35%…
The Nasdaq fell under both its 10 and 20-day moving averages, so the short-term trend gets flipped to ‘down’. Ditto for the Russell.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Down(-) | Up | Down(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Mike,
That is a damn good book, but I was too stupid to understand what they were saying. This is also prior to me daytrading. I should pick up the book again to figure out how to call a choppy market or when the market may fill its gap etc… Great info.
LP