ES and NQ made new year high right into my short term targets and then sold off relieving the short overbought condition. The es filled the gap back into the old high of 2866. The NQ has not fillef it open gap which I am using 7507 in the cash. It might fill that today. My plan is to look for places o buy in weakness and possibly short into strength. I expect some back n forth, BUT open to a continuation of the rally.
The levels and targets can be see in posts from the past 2 days which were posted before the fact and have shown to be effective.
IWM – is approaching the 200 day around 157. This can be a gauge either way to see how it performs today.
CL and XLE – crude continues to hold above 62. The XLE so far has failed to take it 67.42.
XLF – financials stopped at the 200 day 26.62 ( LEVEL I HAVE BEEN WATCHING) . lets see if it can hold above 26.10 support.
SMH – were on fire. High was 112.5. Would like to see it hold 110.5 area with a open gap to 109.30.
Xlk – also on fire-hitting 76.26. 75.58 was yesterdays low.
IBB= though 113.75 has legs to 115-116.25. It very streaky when it gets legs. Needs to hold 112.51.
IYT- transport from 179.55 are to 193.59 has seen selling in this area. Needs to hold 189 – 200 day.
take trades today ESPECIALLY on shortside ( TAKE YOUR PROFITS)