NDX is shooting for a Friday close in the same condition it closed last Friday. Yup, it’s old friend the Bearish Engulfing candle back again for an encore. While other indexes have already come down off their perches (SPX testing its SMA 50 and DJIA poking through its SMA 50), the leading NDX has been held aloft by the big tech names lately. That is where I assume clusters of casino patrons are in hiding trying to ride out the storm.
As per last week’s situation, an engulfing candle need not inflict much more damage than a day or two post-engulf, per this post on SPX.
As a side note, as of 3:53 I have not made a single trade today so I guess my balancing act is working to spec. Next week should be interesting.
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