Friday, June 10, 2011

Market Tell - Confirmation vs. Non-Confirmation Between Indices

Non-confirmation of the NASDAQ versus the broader market, leads to late session sell-off. The S&P futures easily took out the PDH and continued to trend higher, almost reaching a full retracement of the last leg lower as depicted on the ES chart below.

The NASDAQ futures, on the other hand, stalled at the test of the PDH. When the NASDAQ failed to confirm the price action of the broader market, it was a tell. The bears stepped in on the non-confirmation leading to a late session sell-off.

4 comments:

timo4sho said...

Hi Jamie,

are you still there and trading? How come you dont post anymore?

Im missing your insights and review of great setups/trades.

Hope everything is fine!


Regards,
T

john said...

Hope all is well.

Day Tradr said...

Hi Jamie,

Hope you are well. Have never seen you silent on the blog for so long.

Jamie said...

Thanks guys,

All is well, just taking a break.