S&P 500 repelled the sellers early in the regular session, but question marks over the bulls‘ strength remains – in Saturday‘s video I called for the correction to open the week, and it did – you can see how we approached it in our intraday channel. The internals of the rebound and inability to follow through more broadly on further NVDA upgrades, is what‘s worrying in the short term.
As I summed it up this European morning:
As I put it when writing when discussing the wisdom in taking overall long ES and NDX profits off the table as regards risk-reward perspective, you don‘t have to be always in a position, very far from it. The courageous ones will slowly start nibbing at short entries within the weakest candidates...
Way more reasoning would be apparent from the premium S&P 500 and Nasdaq chart (courtesy of www.stockcharts.com).
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