If you go to a 1m chart of NQ, at 10:36am the market hit support that held for the day. What was the support ? Personally I do not see a trendline, pivot or moving average on any time frame at that support.
What supported the market, 6-9
- Thread starter tradersaavy
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Which brings up a good point. I am sure visually that the 10, 11, 12, 13, etc ema's all looked like support. Unless you are doing cycle analysis with offsets, close enough will do. But sticking to the more popular averages will serve you well, and I'd guess that the 10 is more popular than the 13.
Nice one Tea.
Controlled selling followed by a gradual short covering rally all day long from the professionals who carried over the weekend (as evidenced by declining Open Interest). The drift down was due more to lack of buying interest rather than motivated sellers.
Selling interest and volume at that particular range extension low was not met with enthusiasm. Sellers want to sell high, not low. And obviously they thought it was too low. Now then, tomorrow's perception of value might but be different given all the bad news lately.
That particular low is something like a "dead zone." Little volume and activity over the past 10 days at that particular price value.
Selling interest and volume at that particular range extension low was not met with enthusiasm. Sellers want to sell high, not low. And obviously they thought it was too low. Now then, tomorrow's perception of value might but be different given all the bad news lately.
That particular low is something like a "dead zone." Little volume and activity over the past 10 days at that particular price value.