Another update quicky
Overall, I don't want to buy anything here. I'm also big bearish overall.
$E-mini NASDAQ 100 Futures(JUN4)(NQmain.US)$
there are the levels. the NQ is building a triangle. below 14906 and look for more downside. above 15030 and look for more upside.
$Invesco QQQ Trust(QQQ.US)$
358.5 is the lower support for today with the high target today of 365. 361 keeps price within the triangle.
$E-micro Gold Futures(JUN4)(MGCmain.US)$
Yields up = Metals down. and yield...

A super quick update.
Bad things approach.
$E-mini NASDAQ 100 Futures(JUN4)(NQmain.US)$
I look for a push towards 15,550 which was the consolidation level you can see with the 2 bars at the very left of the chart. At that point I expect down. Price could swing wildly tomorrow at FOMC rate decision and then the FED statements and then Powells press conference. That's a lot of opportunities for the market to collect your money. After the FOMC business is the "Continuing Resolution" ...

Since the Nasdaq Composite Index peaked on July 19, everything has only been distributed... I call it the “distribution dominance tape.” In my experience, when few stocks are constructively established, few are performing well from breakout levels, and the index is heavily distributed (distribution dominates tape), you never want to risk too much money in this environment until you see a shift towards certain stocks. Personal settings accumulate and evidence of better action. For low-risk traders who use a relatively strict stop loss, the market doesn't have to fall too much to cause losses. Market fluctuations and market washings surrounding buying points are the most dangerous. Volatility is on the rise. If the sell-off accelerates, look for potential market lows when the VIX index doubles from its recent low (i.e. around 26). -Mark.Minervini (25/08/2023 update)
The high volatility of the market continued this week, and the deceptive shocks continued. Overall trading volume declined compared to last week (excluding NDX). Next, let's review the specific behavior of the major indices on the days when trading volume increased this week:
$S&P 500 Index(.SPX.US)$ There was a slight increase in trading volume on Wednesday (below average). Prices opened higher, which was interpreted as a rebound; on Thursday, trading volume increased, and prices went sharply higher and lower, interpreted as distribution.
$NASDAQ 100 Index(.NDX.US)$ Week...

“The market can and will destroy anyone who ignores risk and danger.” -M.M
Before analyzing this week's market, I'd like to mention a long-forgotten structural chart: the 2B structure. Before this structure was formed on the daily chart, there was an average of 7-14 weeks (35-70 days) of up/down trends (with the exception of a small number of kinetic energy stocks). Since this structure is more deceptive for ordinary traders compared to the conventional structure, the success rate of use will be very high. The previous high of the gap or the peak of the candle below is a critical line, and the first candle buyed/sold on the chart will basically be an increase in trading volume.
Here's an example of 5 of the top 7 tech stocks: $Apple(AAPL.US)$ $Microsoft(MSFT.US)$ $NVIDIA(NVDA.US)$ $Meta Platforms(META.US)$ $Tesla(TSLA.US)$ , all of them began to change their trend from this structure, and their impact on the market is self-evident(It is not recommended to go to the bottom blindly. In the adjustment after the 7-14 week upward trend, most of the 50EMA cannot be maintained. It is recommended to use the 2B structure and weekly chart to stand on the 10EMA in the face of increased trading volume to find trading opportunities）
Let's go back to the general market chart $NASDAQ 100 Index(.NDX.US)$ $S&P 500 Index(.SPX.US)$ $Nasdaq Composite Index(.IXIC.US)$ $Dow Jones Industrial Average(.DJI.US)$ First, you have to acknowledge yourself...

“The secret to successful trading is to make sustainable profits. When sustainable profits are strung together, there is a great return in the end. This is done through tactics and wisdom, not by taking too many risks and gambling through too large positions, because in that case, a huge loss may make your account unrecoverable.” -M.M
The first is a screenshot of positions held after closing on Friday this week. Apart from a small number of intraday trades, only one-on-one trades (selling DKNG) were carried out this week. The few buying transactions since July 19 have all stop-loss sales. When the trades start not working, you need to reduce the number of trades; conversely, when they start to gradually work, you need to gradually increase your position to the maximum.
$DraftKings(DKNG.US)$ Two breakthroughs failed, another stop-loss clearance and exit, and was sold off after Friday's earnings report opened high. The typical “Sell the news”, as one of the market leaders, seems to be conveying something 🤔️
$Super Micro Computer(SMCI.US)$ This week went against the current trend again. The sharp rise on Friday was accompanied by an increase in trading volume (AAPL fell sharply on the same day), but it seems that on Friday afternoon, there was some disagreement between reducing positions before earnings reports and increasing positions due to insufficient positions (buyers were slightly stronger than sellers for the time being). The August 8 after-hours earnings report will once again test this AI leader (before the last earnings report - the end of April, it was disclosed in advance, and there was a lot of shock...