NQ MFI now touching overbought, RTY went overbought yesterday, ES is not quite there yet.
Could be dangerous if we go into Powell's speech tomorrow in an overbought condition, speech at 10am EDT, so during market hours right after open
Could be dangerous if we go into Powell's speech tomorrow in an overbought condition, speech at 10am EDT, so during market hours right after open
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You know what's funny? the market rolled over right after I posted this.
We'll see if it melts back up or not....
We'll see if it melts back up or not....
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Tomorrow is all about Powell. Place your bets, lol.
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ES MFI hit overbought as well.
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Normally I would say EOD action does not imply the gap, but keep in mind with Fed press conferences there are always people in the know. WIth every index overbought, I'd rather stick with a small short position tonight.
The last couple of times we had futures gaps only one index filled then it tanked more before rebounding. I'm being cautious here after getting burned last couple of times. Gonna stick with a small put position in COIN with today's profits and hope the market tanks so I can go big on calls next week.
RTY has filled, ES and NQ have not.