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On the Road Again- 11/29/21

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Yes, the market has made a U turn. What should we expect?

Meanwhile, I'm on the road again, driving a rental car this time, so will make this short. I'll check back in about 3 hours. 

They've broken the downtrend channel and this little base breakout measures to around 4700. 

Later!

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60M NQ. I had mentioned last week that if NQ did not stop its decline from 11/22 at 625 points, the next levels I would look for were 781 points (625 + 156), and 937 (625 + 156 + 156) points in an extreme case. I was away from my keyboard on Friday. So, to celebrate, the NQ bottomed on Friday at a 779 point decline, just 2 points from 781. I should have known not to take a day off. Would have been a decent entry at say, 16,000 or a bit above with a stop just below the low at 15,988.

Kind of thinking we could rally overall into next week with some bumps along the way. Maybe even double top or nominal new highs by next week or week after, but I might sit the week out and go to the beach instead since I have missed the first 350+ points. C'est la vie.

I kinda think volatility is going to be with us for next few months through Q1 2022, so there will be plenty of opportunities to make (and lose) money. Trade safe! 

 

Screen Shot 2021-11-29 at 10.06.00 AM.png

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