Longer update tonight as I go into some “trading” discussions, so please hang out and let me know what you think. The NQ again started the U.S. session at the highs with a steep decline after the up-opening head fake. The NQ remains tracing out the internals of a Minor 2nd wave countertrend bounce. And the NQ could sit in the box it has created for much of this week. NFLX earnings were not earth shattering in either direction, but the stock did drop more than $130 at one point. TSLA hasn’t made up its collective mind as to direction outside of the fearful shorts and unsure longs. This is likely to carry through next week when the extreme titans report. Having said all of that for tomorrow – leave abundant room to the upside and downside as the volatility remains high. Upside keep an eye on the daily 200 MA it is not out of the realm of possibilities. Downside, unfortunately the NQ would need to break below 13729 to give support to the Minor wave 3 down having kicked into gear. Intraday, keep moving averages front and center on all time frames. Keep the Fibonacci parameters available. Minimize the noise and have a great day trading.
April 20, 2022