Nasdaq

The market took me out of both my short positions today after the FOMC meeting. The symmetrical triangle pattern failed as well as the hanging man pattern. This market has shown good resilience the past few weeks and I'm officially on the sidelines on this market. I'm turning my attention to a solid set-up in Silver (long side) and potential set-ups in Hogs (long), Wheat (long), and Cotton (long).

Nasdaq

The symmetrical triangle pattern was confirmed today with a close below 1599.00, so I didn't close out my position. Also, even though we seen some late buying off the lows we ran into resistance at the 1597-1600 level. This level was the 38% retracement of today's range and contained two pivot points (DS1 and WS1). We were also able to get a lower closing low and close below the 10 day EMA. It's the first time since July 10th that we closed below that moving average. Friday we had to deal with unemployment and now tomorrow we get to deal with the FOMC decision. Another interesting day shaping up.

Nasdaq

There's a potential symmetrical triangle pattern forming and a close below 1599.00 today will confirm it. I got short @ 1599 and will exit on the close if the market doesn't hold this level. The target is 1561 with an initial stop @ 1626. I'm also still short from 1612.50 on the hang man pattern. The Nasdaq failed to take out it's 1632.50 high and we finally got the MACD crossover. We are getting strong selling early this morning, but the key will be how we close the day. Will we get another rally and close back above 1600? or will the sellers finally gain the edge?

Nasdaq

They don't say "stay with the trend" for nothing. The past two weeks have shown signs of an upcoming down move, but timing is everything. This market has now closed above 1600 nine days in a row. Everytime it looks like we are going to get a break, the market has found buyers below 1600. Today's unemployment report was better than expected (if a loss of any amount of jobs is good news) causing some buying. I'm still holding my short position with a stop at 1633. I want a new high to take me out of this trade. Interesting enough both the S&P and Dow made new highs today in the futures markets, but the Nasdaq did not take out highs. The Nasdaq has been the leader on this recent move up and could be a warning sign against higher highs. I will be paying close attention to this come Monday. If the Nasdaq doesn't take out 1632.50, we could finally see the break down as MACD continues to show declining momentum and a crossover looks eminent.

Nasdaq

We finally got the first lower closing low since this recent up move began in early July and we got back to back black candles. This confirms a change in trend direction with MACD and Stochastics ready for bearish crossovers. I'd feel very confident in a nice retracement if not for unemployment tomorrow, so all bets are off. We didn't get the double top confirmation today, but will possibly get it tomorrow. I'm still holding my short position that I entered yesterday and will look to get short below 1598.50 some additional contracts. I hope the market sells off before the report to give my stops some room. If not, I may have to exit my positions and re-enter once market action gives its direction.

Nasdaq

We didn't get the lower closing low that I wanted, but I decided not to exit my position on the close. The hang man pattern from yesterday got confirmation with a close below it's body (though I like to see a close below the low). We saw the market bounce off its lows of 1602.50 where there was support from two pivot point numbers (DS2 1605.41 & WP 1604.17), but did settle below its DS1 of 1617.83. What this market needs in order to gather some selling momentum is some lower closing lows, which we haven't seen since this rally began on July 8th. To add further interest to the downside, we have a double top formation looming. A close below 1598.50 will confirm it with an target around 1565.25. Finally, MACD looks ready for a crossover combined with its slowing momentum despite higher highs in prices. Friday's report is shaping up to be extremely important to give this market some near term direction.

Nasdaq

This market is continuing to give signs of a sell-off. We had yet another candle pattern form yesterday- the hang man. This recent rally is running on fumes now. The only thing missing is the sellers! Maybe we need a strong up move that gets strongly reversed; or maybe we will get the selling after Friday's unemployment. Either way in order for this rally to continue in a healthy manner we need to see a retracement. I'm looking to short below yesterday's low and will exit if we don't settle below it.

Nasdaq

Well my short position was never triggered today and the market rallied and closed near its highs. It did meet some resistance at the DR2 level of 626.67, but closed slightly above @ 626.75. I'm still looking to short this market, but not at these levels. Need to see some more confirming bearish action in the next few days before I commit now.

Nasdaq

There is a potential shorting opportunity shaping up in the mini NASD 100 contract. The past 5 trading sessions have produced 2 doji candles and back to back shooting stars all around a confluence of pivot points. This recent up move is losing steam as also confirmed by the loss of momentum in the MACD. I'm looking to initiate a short position under 1598.50. If we can get a close below this level it will be the first lower closing day in a couple weeks and will be a second consecutive bearish closing candle. This would confirm the uptrend is over and a retracement of some kind is coming. Also, keep an eye out for a MACD and 80 Stochastic level cross. The first level of significant support comes in around 1575-1580 level, then around the 1545-1550 level. Stiff resistance around 1626-1632 levels. I like a stop placement above 1632 and a initial target of 1515.