There lots of events that was happening from around the globe that affected the whole market and likewise the earnings report of the most notable companies that moves the market, i.e., AAPL, GOOG, and others.
And most participants are taking early profits prior to the coming December holidays.
They are taking profits early to get the most advantage in price while the market is still way up.
At the same time they are taking position from other instruments, 'buying on the deep opportunities'.
For today's market, the Nasdaq index show some kind of late trading opportunity.
As can be seen from the chart below, the QQQ etf's, which is the equivalent 'kinda' of the NQ futures.
The best entry is when it made/show a reversal pattern above the S1 level.
It briefly consolidates/tested above that level and then vertically bounced up to the R1 level.
Nice catch if you were able to take this kind of opportunity/setup.
And the ascending MA's gave the confirmation for a long trade.
Have a nice weekend fellow traders, hope you were able to capitalize on this last trading setup opportunity, erasing all the losses (for the bulls) the past four trading days.
