The Nasdaq100 (NQ) surged 1% yesterday, and is now just shy of the record high formed in September. Significantly, NQ’s bounce since its early October low has reversed most of September’s slide, with odds high for NQ to follow the S&P500 (ES) in hitting a new record by month end. Nevertheless, with NQ arguably bumping up against ascending wedge resistance (on the 4hr chart), NQ could finally see some profittaking in the next day or so. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am flat after getting stopped out of shorts yesterday, and am likely going to stay on the sidelines today. Once the weekly and daily RSI, Stochastics and MACD begin turning down, I’ll look to re-enter a short.
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