NQ MFI is almost oversold, so I assume that means a pump tomorrow when it gets there. NQ is the only index that appears to be melting up.
No idea which way the market gaps tomorrow, but I might go long on tech tomorrow. No idea what the market is gonna do this afternoon, so much news related whipsaw....
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NOTE: It's melting up because the market is anticipating a rate CUT Wed, if the Fed raises rates then it comes crashing down hard.
The Fed should raise rates .25%, but you never know with Simple Jack Powell.
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MFI now touching oversold, but just remember neither MFI nor EOD direction dictates gap direction. That usually depends on what Europe does in the morning.
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I think tomorrow might be one of those days where they pump tech and dump everything else. Be careful what you trade....
I don;t recommend holding a long position overnight, these gaps have been huge.
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NQ MFI bounced when it went oversold.
Sill not trusting the Euros, so no long positions overnight
@jordandotdev, lol. 3 month yield is at 4.594% right now, lower than it was at the Jan Fed meeting. Crap gets ugly if the Fed doesn't cut. Even holding rates steady causes a bond selloff for Wed afternoon, a hike should cause a drop Thu as well.
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@hungry_hippo, "Crap gets ugly if the Fed doesn't cut." - When the ECB did .5 - I get that the FED usually leads the way up and down... but I guess I'm just dumbfounded the CS/UBS situation is more serious and the Euros HATE raising rates
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@jordandotdev,the Euros tanked the market pretty good Friday. They're doing the stupid alternating days, up down up down, lol. Wouldn;t surprise me if they tank he market tomorrow, so no long positions for me tonight.