Yesterday the Q's languished most of the day to the downside. I wanted to play the gap fill in the morning and it just wasn't going to happen. But at the magical 3:00 PM mark Mr. Market decided it was time to fill that gap and it did so with some decent volume. This is the type of turn I was looking for to signal a change in the short term direction.
The futures are pointing to a strong open this morning and the Q's will have a nice gap up.
S&P 500 (MAR) +7.75
| Nasdaq (MAR) +15.00 | Dow (MAR) +54
The problem with gaps is they always need to be filled. So we may see a strong start, but don't be surprised if the Q's come back down early this morning to fill that gap. That would actually be a very positive and healthy sign for what I think is a short term direction change. I will probably be buying to go long if that happens.
The futures are pointing to a strong open this morning and the Q's will have a nice gap up.
S&P 500 (MAR) +7.75
| Nasdaq (MAR) +15.00 | Dow (MAR) +54 The problem with gaps is they always need to be filled. So we may see a strong start, but don't be surprised if the Q's come back down early this morning to fill that gap. That would actually be a very positive and healthy sign for what I think is a short term direction change. I will probably be buying to go long if that happens.
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