Good morning!
Trump's plan for teachers....
Picking up where we left off, with the BS pump-up into the open quickly reversing. I'm still agnostic - just want to see where things settle out for the week.
Oil and gasoline still going down, /NG still don't care...
I guess /TF is worth a toss long at 1,500 if it holds but I'm taking a stop below 1,499 for $50 loss vs maybe it goes to 1,505 for a $250 gain on a bounce.
If we do bounce, we'll have to then see if they are strong or weak but strong is far away now.
Down 60, for example means 12-point weak bounce to 1,512 and 24 points just to make the strong bounce at 1,524 - still bearish until then and, if we don't make that by tomorrow - still bearish into the weekend.
More important (and also a good long play) is 2,700 on /ES so of course we're going to bounce off that - even in a huge sell-off and down from 2,780 is 80 so 16-point bounces to 2,716 (weak) and 2,732 (strong) seems like a lot of work.
Of course, if you need a short, if either of those fail their lines, then short the other one as soon as it crosses under and get out if either cross back over. We're only 10 points above 6,800 on /NQ, down 200 points (2.8%) means we need 25 just to get back to the -2.5% line (6,825) and that's not even the weak bounce (40 points) at 6,840 and 6,880 would be strong.
Notice we failed at 6,880 on the way down yesterday and then a bad test into the open.
Big Chart - My death cross lecture on the Nas is already paying off. There's no stopping it now, just a question of today or Monday as the 20 dma falls below the 50 dma.
