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In yesterday’s newsletter, we said that the price action of November 23 caused our market timing model to generate a new “buy” signal. However, we were quick to point out that we still need to see new leadership developing an individual stocks, as well as a lack of “distribution days” (higher volume selling) over the next five days. Furthermore, we illustrated that the Nasdaq 100 (as shown with the chart of $QQQ) is now approaching major overhead resistance levels that may be difficult to overcome without first having a significant shakeout to the downside.

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