Hello Everyone,
Following NVDA's beat and massive move the SPX/QQQ (especially the QQQ) staged rallies today. The QQQ closed up over 2 percent making new highs. However, the QQQ is now displaying some RSI divergence and formed a doji candle today. In comparison the SPX move was muted, taking back approximately 50% of the recent decline. IWM closed down over 1 percent as the recent flight to big cap tech remains intact.
Earlier today I posted upside targets for ES of 4166 and 4175 which were achieved and after tagging 4175 we saw a pullback.
Support for ES tonight 4155 and 4135 with 4175-80 and 4190+ above targets. Key support for NQ 13,865.
Finally, it's wise to stay abreast of the debt ceiling talks (debacle) in the coming days as to not get caught off guard on such news event.
Please take a moment to look at the trade ideas.
