New Obama Administration - Almost a trade today??
5 min Emini Nasdaq 100
Hi,
How is it going lately? Market is still digesting the new stimulus packages the government is dishing out.. Candlesticks are short bodied and moving averages are flat...
There is a slight signal in stochastics and short-term MACD when they cut their signal line... But I did not short for the following 2 reasons:
1) there is strong support at 1175 to 1180 region... but when the signal came out I could only enter at 1188 it exhibited low risk/reward ratio... Not worth the risk..
2) Even though stochastics and short-term MACD are falling, candlesticks are not really below the moving averages and if I were to enter the market, I would go long simply because prices are still above the moving averages.
NO TRADE TODAY.