That's good stuff!
Out here in the fields
I fight for my meals
I get my back into my living
Alright cookie, the rubber looks like it wants to find the road here and this is what I'm looking at. Pull up a five-day chart of the S&P and NDX (for bloomberg users, that's NDX (or SPX) (index) gip 5).
In the S&P, there's a defined downtrend line drawn from yesterday's highs. See it? As long as we stay below that, I'm trading from the short side. Above it? I'm getting out of the way.
In the NDX, there's a compelling flag formation setting up and the downtrend line meets the uptrend line right at NDX 970. Whichever way it "breaks" will likely set the tone for the rest of the day.
Hey, some posts are fun and some need to get out to you ASAP. This is one of the latter so...
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