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We are back at the top of the TR for Sept at the moment. Tomorrow is poised to see a breakout of this range to a new high. Key at this point is whether the high will hold or be faded (if it is a real TR you sell the highs).
We have backfilled and set multiple levels of support, we could have a sell and then bounce higher.
Anyone tomorrow should be one of the best trading days so far with the Scottish vote + BABA IPO.
The NASDAQ OMX Group, Inc. (Nasdaq: NDAQ) today announced changes to the methodology of the NASDAQ-100 Index® (Nasdaq:NDX).
The Index, which acts as a benchmark for financial products, such as options, futures and funds including the PowerShares QQQ® Trust (Nasdaq: QQQ), is re-ranked annually. The next re-ranking will occur Friday, December 19, 2014.
Effective with the December 2014 evaluation, NASDAQ OMX® will modify the index methodology to allow for inclusion of all of a company's share classes that meet inclusion criteria of the NASDAQ-100 Index. The index will therefore better reflect the entire market capitalization of the 100 largest non-financial companies listed on The NASDAQ Stock Market®.
The NASDAQ-100 Index, launched in January 1985, is composed of the 100 largest non-financial stocks listed on The NASDAQ Stock Market® and acts as a benchmark for financial products such as options, futures, and funds.
This modification also emphasizes NASDAQ OMX's commitment to ensure the NASDAQ-100 Index remains one of the most widely-followed benchmarks in the world. Multiple share classes are becoming more prevalent in today's market, which was a leading factor in making this change in methodology.
For more information about the NASDAQ-100 Index, including these funds, detailed eligibility criteria, and a complete methodology, visit https://indexes.nasdaqomx.com.
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The 5 Minute NDX chart shows two of the fibs mentioned above. The key resistance fib (green) of 4121.97 which I prefer was not touched, but we got close. That was a bit befuddling as these fibs are precise and I would've expected a touch. So I kept thinking we might bounce and go up and missed out on the selloff (but at least did not go long).
I had forgotten, of course, to put the regular resistance fib (blue line) at 4111.46 on my chart until it was too late. That would've provided a more useful level, but still, price gyrated around it until it decided to go down and I prefer greater precision.
Since price did not reach the 4122 key resistance level, I was mystified as to why it stopped where it did. What was there? I decided to go back and check the RTH NQ chart. On the RTH NQ chart, the equivalent of the NDX's Key Resistance was at 4111.5. Here's how that played out today:
I am currently LONG 4076.50 looking for the gap to close. It may close before the open which if it did is a strong bullish signal. If it doesn't and opens as a gap down we could see the close in the first hour of the session. I believe that the 4100 will be a strong resistance and looking to see how price reacts off it.
UPDATE: Exited at 4079.50. Price has slide back down the profile and gap is widening. Could see good size gap down on open.
