The Nasdaq got in gear today rallying strongly well over 1%. The S&P 500 and Dow also had decent days. Surprisingly, the Russell was weak, but it was a positive day overall. If the Nasdaq and the semiconductors follow through here, then a short covering rally may propel the tech index to fresh highs.
Here is a chart of the Nasdaq 100 tracking ETF (QQQQ). It held the lower boundaries of the triangle and appears to be testing the upper side for a breakout. If this makes it out of this base, then a decent rally should follow suit. If it reverses, then I think a top would be in.
Here is a 60 minute chart showing more volatility recently. These are 1% moves up and down. It looks like todays move was impulsive, so there may be follow through.
No charts tonight as we are fast approaching options expiration.
Good Luck,
DT
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DT,
Why does options day make you disregard the market for a day?
ScottK
Scott,
Sorry I hadn't responded. I read your message and then lost track of it. I don't like to trade on expiration day because of the strong influence options pinning has one some stocks. Also, those days tend to be narrow range days, so for my style of trading, it's better for me to wait. I still pay attention to the markets, but focus on catching up on other things such as my journal or testing out new ideas. Some people don't have issues with it, but I prefer to take it off.
DT