NQ hit my downside target zone of the rising hourly 200 MA overnight.
Now we appear to be getting a decent bounce. So 2 big pivots look set at 7500, and 7375 areas.
If bulls can go up now and take out 7500 for real, they could absolutely blow the roof off this in a massive short squeeze....
But...if 7375 get blown out, time frames will start to roll over downside, and could lead to a sharp move down...
Looks like it may be all about whether or not AAPL can continue to hold the 1T level over the next few days.
so far looks like possible bull flag after earnings, but if it starts trading for any length of time below 207, then a full scale reversal of the earning pop, and a lot more, could be in the works....
I am cautiously bullish off the overnight low, but on the lookout for signs of danger, because should they appear, things could unravel quite quickly.
NAZ summation turned back down on Friday, and is just barely above Zero. If this were to fall apart after the open, and we ended up today seeing a massive gap through the Zero line, would be hard to not view that as a big warning sign....
OTOH, big positive breadth day, and say AAPL pushing out over 210 would likely be a good sign for bulls.
Next few hours/days could be critical in determining whether we get an August short squeeze blowoff, or another Mid-August disaster like 2015 when NAZ was right near its highs with a very weak summation...
Edited by K Wave, 13 August 2018 - 07:28 AM.
