The NASDAQ Snap Pullback July 28
Fri, Jul 28, 12:31 PM ET, by Corey Rosenbloom
The Big News yesterday was the snap-collapse of the NASDAQ and leading tech companies mid-day.
The result – so far – has been a sharp drop and bounce today off the first Fibonacci Target.
Here’s the NASDAQ – @NQ futures – and the new Fibonacci Grid in Play:
A sudden sell swing swept the market and shocked traders as price collapsed from the 6,000 index level.
When the dust settled, the @NQ collapsed 150 points toward 5,850.
Look closely to see that this level – 5,842 – is the 38.2% Fibonacci Retracement as drawn.
Active traders can continue playing price swings toward and away from this key pivot – and of course the prior high.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
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Corey Rosenbloom, CMT
Afraid to Trade.com
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Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "NASDAQ" Definition
SDI Glossary: "Retracement" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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