Update: 2/22/24 — wow they worked… Nasdaq exit at day bear 424. Then went long. All details below the specified market below…
Well, we appear to keep going higher thru the week… but I can’t resist these type of moves in NasDaq. The sharp move up to reversal points at end of weeks or end of months are good setups for me.
Based on the NasDaq turn points and weekly reversals in the futures. I may have a low risk entry to short NasDaq here to hedge portfolio. I have to admin my biggest concern is a nasty drop and now seems less likely to happen. When I start thinking this way, I need insurance to protect long positions. March is a turning point and I do not want to have no ammo if we drop till then.
I am also buying in ADM, KWEB, and LUMN.
This play is low risk due to knowing where I am wrong above the weekly bull reversal in the NasDaq. It is against the larger trend but the risk is minimal and I have that gut feel I need to protect my long portfolio. Who knows… who cares.. going to play it.
NasDaq Futures:
- Testing the weekly bullish reversals 18045.00 (Today is Friday)
- This week is Turning Point (blue array)
- Next week is a pink array – usually shows pull back
- Month Turn Point was January — went higher in Feb
- Feb is pink with volatility – may see new high and pull back
Update: 2/22/24
Took Profits at Day Bearish and Went Long, Just Exited Today – Double Whammy!
Shorts did not pay as much as wanted, but got long since the 424.00 did not close below. Also NVDA earnings were coming up. It dipped below most of day, was at kids volleyball game and exited shorts and went long. One OTM call spread and long TQQQ — great profit! Now looking at buying VIX.
Long Plays
ADM
ADM may have a move for earnings… using short term options as the energy levels were picking up.
Update 2/22/24: This worked well, was out in 2 days I believe.
KWEB
KWEB broke prior weeks high and can trend for 2 weeks. So short term options long here.
Update: 2/22/24 This worked as well too!
LUMN
Going long LUMN on a cup and handle pattern way farther out in time 250+ days on the contracts.
Update 2/22/24: Still holding for longer term.
