NQ1!, Tech is a Safety Net for the Market
After the FOMC announcement the NQ exploded to upside tagging the next major resistance. After that the sellers managed to fade 50% of that move. This is a typical reaction when the price makes a new high. ES, YM and RTY had less success to sustain that move. The Feds decision impacted the financials and that started to drag the broader market down.
The FANG stocks are favorite again a safety net for the market. That disconnect with broader market will create a tough environment to trade. The NQ will help the ES and YM to chop at higher prices offsetting the weakness in Finance sector.
My anticipation to see a retest of today's high. The 7376.25 is important level to watch. Loosing it would put the FOMC reaction in question and trigger more selling.
If today's high is a short term top then prepare for a lengthy balancing within the last box on the chart similar to the box below it.
03/20/2019
FOMC Day
The FANG stocks are favorite again a safety net for the market. That disconnect with broader market will create a tough environment to trade. The NQ will help the ES and YM to chop at higher prices offsetting the weakness in Finance sector.
My anticipation to see a retest of today's high. The 7376.25 is important level to watch. Loosing it would put the FOMC reaction in question and trigger more selling.
If today's high is a short term top then prepare for a lengthy balancing within the last box on the chart similar to the box below it.
03/20/2019
FOMC Day
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