We look to be having a little hangover from all the Jackson Hole buying. Bitcoin had a really rough weekend. The bitcoin futures are down almost 5%. The worst part about it was that Ethereum was still catching a bid from the late coming, worst of the worst retail players. Once the futures opened on Sunday, the Arbitrage people took care of that spread and whomped poor Ethereum again. I have been on Major Top watch for Crypto for the last week to week and a half.
It's not really common to see ES holding up like this when Bitcoin is down this much. The last couple times we gapped the ES futures up while the Bitcoin futures gapped down 2%, we topped the last two bull markets. That's not good.
We should be down around 567-568 on QQQ by now, so I'm kind of looking for that kind of reaction today at some point. I'll look for longs around the Purple VWMA (Monthly VWAP) and Yellow VWMA (Weekly VWAP) on QQQ.
Levels:
All the best;
Peter Cook
#NQ_F Chatroom Chief Moderator
Hamzei Analytics, LLC
Sign-up link: https://www.hamzeianalytics.com/HAPDTS_NQ_details.asp