te_fern wrote:..breaking up thru some MA lines first....
Both QQQ and SPY are struggling with their respective 5min 20ema, several reversal candles as price attempted to cross above.
Meanwhile, IWM continues to pull away from that support zone, after an impressive 15min hammer reversal bar.
NYMO hit -33.80 at the low, now at about -25.50. I keep waiting for a -40 print, maybe this was enough. QQQ intraday looks 'decent' and SPY 5-min just popped nicely over the 20-ema, will it hold is the question.
not sure whether the low was in, I'll need a 2nd test of the day low to consider buying dip unless sudden sharp up from here.
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Fat Tails has a new free toy, rolling pivots. It uses three days average of the highs and lows. Which is why I have a 3 day average low line sitting at today's high. So we will see if support becomes resistance.
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Billionaire guru Julian Robertson:
Doesn't think FANG stocks are frothy at all, especially relative to the rest of the market.
Loves the banks … thinks they're in terrific shape, loves JPM and BAC https://www.marketfolly.com/2018/06/jul ... ket+Folly)
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.