Our projected downside price target zone for the Nasdaq 100 Index futures was 14178-14100. The overnight low came in at 14184.25. Call it close enough for government work, as they say.
Our targets are generated via systematic trading that takes the emotion out of our decisions.
The trading pattern suggested weakness and the decline was swift.At a minimum, it’s nice to be neutral when a selling wave shows up.
We think it’s best to stand aside here to see how the next several hours plays out. Can the Nasdaq 100 build a trading base here at support, or will this level give way. Something to watch.
Our favored long group/sector remains energy, where we continue to see higher prices on the commodity complex and stocks. We have written several times about it here. Good luck out there!
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
