It seems like I saved myself a lot of headache not even looking at the markets all day till tonight. The Globex bearish formation didn't materialize, and most of the day was spent trading in a really tight range which must have frustrated a lot of traders who participated.
I've noticed even though we closed higher, if you can call it that? The close was done on substantially decreased volume! Which leads me to think traders are waiting from some news before committing serious capital. That could be the result of the US Presidential result, will Obama be good for the markets?
NQ Daily Chart
Is this a sucker's rally? I'm not sure, it's too early to bet on the upside. We still need some decent pullback and support coming in before we can know for sure that we are at some short-term bottom. If the cash does starts to flow we could expect new highs and a test of the upper channel.
What we know for sure is that a big move is coming out of this consolation area. Traders need to stay alert and be ready to make some serious cash.
Profit
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