The ES Did Indeed Follow The NQ To July 2nd Levels
Correlated indexes have a habit of following each other to certain levels. When the NQ sold off all the way to July 2nd levels, the probability of the SPX doing the same went up dramatically.
Correlated indexes have a habit of following each other to certain levels. When the NQ sold off all the way to July 2nd levels, the probability of the SPX doing the same went up dramatically.
In this video, we discuss today’s big sell-off and the strong selling we have had in the last several days, particularly in the NQ. Is this the start of a bigger move down or a buying opportunity? We go over the Economic Calendar as well as the Earnings Calendar to try and make the best decision.
Before the opening, I showed a bull scan for stocks with tight consolidation patterns. Many of them, like CRSP, broke out strongly today.
Here’s why the surge in Dow and Russell has the potential for more follow-through and why the macro points to lower rates.