As the markets close in on the 7100 level on the NDX that Zenolytics has been obsessively pounding the table on being a hook for the markets since last week, it's now time to review the timeframe for taking advantage of what has become a cacophony of fear in the markets.
As the rest of Wall Street is just starting to grasp what I have been discussing since the beginning of May, it's time to latch onto the fact that, per the usual, what is obvious will be obviously wrong.
EVERYONE now understands that the trade war is bad. EVERYONE sees that the Fed is going to cut rates. EVERYONE sees how terrible the price action has been and thinks we are going lower.
Everyone suddenly believing everything that is nasty in the world of finance is occurring just as the market is about to hit its hook.
For those unfamiliar with my style of price analysis, one of the pillars of my work is that the market will always have a market average that HOOKS the rest of the market, either pulling it down or up based on price levels of importance.
The current hook in the market is NDX 7100 (red trajectory below). The expectation is that once the 7100 level comes into the play there is a high probability of a reversal after the typical volatility that takes place around such important levels.
I said earlier this week that Friday to Monday would be the time the level is hit. With the NDX down 100 points currently and 50 points away from 7100, I am looking for a Monday low.
Itchy buy fingers itch no more, relief is imminent.
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