Hello everybody, I'm giving a mid-week update to the market forecast from the other day.
I typically do not change my market forecast mid-week, and if the price target isn't reached in the time limit that my line suggests then I typically extend it into the following week.
My downside price target is around $344 to $343 on the Invesco Nasdaq 100 ETF.
I put out a forecast over the weekend suggesting that we could move higher to fill the then open gap above the market.
As you can see, we gapped up to fill the gap I had pointed out.
Now that we've completed my upside target, which was a move higher to fill that open gap, I am looking for the market to move lower.
Gaps fill about 80% of the time on all time periods, and then you will see prices reverse about 80% of the time after that.
The CCI is extremely overbought, and we're approaching role reversal resistance levels.
We have a negative divergence between volume decreasing as price increases in the past couple of weeks, and also a drop in vol from yesterday's session to today's.
Keep an eye on this one, because I am expecting prices to move lower.
I typically do not change my market forecast mid-week, and if the price target isn't reached in the time limit that my line suggests then I typically extend it into the following week.
My downside price target is around $344 to $343 on the Invesco Nasdaq 100 ETF.
I put out a forecast over the weekend suggesting that we could move higher to fill the then open gap above the market.
As you can see, we gapped up to fill the gap I had pointed out.
Now that we've completed my upside target, which was a move higher to fill that open gap, I am looking for the market to move lower.
Gaps fill about 80% of the time on all time periods, and then you will see prices reverse about 80% of the time after that.
The CCI is extremely overbought, and we're approaching role reversal resistance levels.
We have a negative divergence between volume decreasing as price increases in the past couple of weeks, and also a drop in vol from yesterday's session to today's.
Keep an eye on this one, because I am expecting prices to move lower.
