Stock Markets Analysis and Opinion
Nasdaq Futures: Absence of Fibonacci Support Raises Double Top Alarm
2023.09.01 02:03
Unlike the futures, the futures don’t have the benefit of a nearby Fibonacci to provide a sensible support/resistance level. Therefore, a few days ago, I laid down a horizontal line anchored to the most recent price peak. It seems to have pushed its way back to that level before selling off.
Looking closer, you can see that this may constitute an important double top, provided tomorrow’s job report doesn’t send stocks ripping higher yet again.
I’m going to go out on a limb, so I’ve acquired some $510 puts since they are mashed up against lifetime resistance.
But we have one ally that dwarfs all this fancy chart stuff.
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