E-mini Nasdaq-100 futures (NQ) finally lost the 50-day simple moving average (SMA), causing both E-mini S&P futures (SE) and E-mini Dow futures (YM) to drop down to their 50-day SMA. With a relief pop today, it’s critical to see what happens next. Is this pop a perfect opportunity to short or is this the beginning of a chance to buy the dip?
We’re focusing on some key inflection points to guide the way. If the market continues to go lower, we’re watching for ES to move toward the Weekly 21 exponential moving average (EMA) and into the daily Ichimoku Cloud. We need to keep a tight focus to end the week strong.
Stay Focused!