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Good Thursday Morning, MPTraders! March 30, 2023-- Pre-Market Update: Two trading days remain before the end of the month of March (ME) and the end of Q1, 2023 ("QE"... lol). From the look of the relentless 2.4% grind higher since Tuesday's pullback low (See my attached 15-minute and Hourly Charts) that continued during last eve's Pajama Trading Session into this AM's pre-market session, when ES hurdled the technically significant 3/22/23 FOMC Reversal HIgh, we cannot rule out a FOMO mini-panic rally into tomorrow's ME-QE closing bell.
In StockWaves we look for rotation opportunities...Tech has been one of THE STRONGEST sectors the last 3 months, which is EXACTLY why we were pounding the table about it back in Dec.This is NOT a short setup yet. It is showing no signs of a top. It could extend...While there might be folks who rail against changing horses mid stream and riding things until the wheels fall off, we look for signs of that happening and better places to play for more upside when there is no clearly reliable path for that on one vehicle.
Earlier this past week with the market pulling back, we took a good hard look at potential support in NQ futures. We found mostly symmetry support, which is essentially a measured move. The higher end of support was violated that day, but the lower end of support was at the 12594-12634 area."The actual low was made on Tuesday (Mar 28) at 12634, and a 15-minute trigger that we follow provided an entry at around the 12745 area.Since then we've seen a nice quick rally of 585 NQ points so far.
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