Oil beginning to threaten SIFs

Juicy spread forming ES/NQ. Same caveats as last time I pointed out the divergence trade in this thread.

nitro
 
Quote from nitro:

1292 SPX resistance...
nitro
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Ditto. QM is going to $110ish, then we see.

Keep the discipline if you are an investor.

nitro
 
Some resistance 1312 SPX.

QM continues to dive towards $110. I expect monster support there, but if that goes, it is $100.

nitro
 
1292 SPX minor support. If it goes closes that expect to see 1270.xx in the near term.

NQ has gotten well ahead of itself, and if anything goes wrong, we have a huge down day.

nitro
 
Quote from nitro:

... If it goes closes that expect to see 1270.xx in the near term.

...

nitro
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Incomprehensible gibberish is what happens when I am doing ten things at once. What I meant to say is, if it closes below 1292 SPX, 1270.xx is the next support level in the near term.

Sorry.

nitro
 
Quote from twofacedjoker:

How about we buy back Oil? :p
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Imo, traders should stick with a trend. That said, I agree that at some point QM pulls back, and the pullback is likely to be violent. Professional traders will be on both sides of that trade: they will buy the pullback higher, but the easier trade will be reversing the long trade and going short again.

I would wait untill QM goes to $111ish to go long if you are modestly aggressive, with a $3 stop. Then expect to see prices like $117, $120, and even $130 on the pullback. But I guarantee you, barring any world calamity, everyone and their grandmothers will be selling that spike, especially the closer to $130 it gets.

nitro
 
The spread continues to widen between ES/NQ. Even ES/ER2 is pulling away.

QMs hard fall has a great deal to do with that, but at some point, you have to pay back the piper.

nitro
 
As soon as people have figured out that all the money that was coming out of oil and rotated into tech has been priced in, NQ is going to get slammed. It has _maybe_ one more day of out performance...

Stay tuned.

nitro
 
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