As futures head lower, I cannot discount the possibility of hitting weekly S1 at 1612/1613 for NQ, which would be a gap close for November QQQQ, or close enough (39.37) and a 10% correction for NQ, something traders have been waiting for since this bull started in October 2002. Right now, the action is very bearish overnight and we already hit 1619, which might also be the low for the cash session tomorrow. This could also be a bear trap with a V bottom set up for tomorrow. Stay out if you don't like volatility.
This entry was posted
on Sunday, May 14, 2006 at 3:26 PM.
