Emini Futures | Double Top Rejection
(QQQ)(DIA)(GLD)(SLV)(GOOG)
Last night we issued a Tweet to consider selling 1367 Limit. Since then we've touched 1367 twice. The first drop was to 1362.50. We bounced back to the 1367/1368 Weekly Trading Zone and the market has since dropped to a low of 1363.25. Those are both very nice trades but the market has show a little more resilliance than I expected.
Currently on Globex price is attempting to move higher. If price can rally above 1368 and hold on a pullback, the upside looks to be 1380/1381 which is the next zone over head. On a daily chart we have a bearish pattern that I have not seen in quite some time. If the market wants to rally don't fight it. However, should we make it up to the 1380/1381 level, the market will have positioned itself for a substantial drop. Be ready if and when the opportunity presents.
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