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Friday, December 15, 2017

Market Update 12/15/2017 - OPEX Friday

Market kind of, "threw me for a loop", yesterday, as the new high on the NASDAQ was immediately sold, and the trend on the 1 minute chart I posted in yesterday's update broke down.

Confirms what I was seeing in the charts, earlier in the week, but I didn't expect a new high, before the reversal. Perhaps the round number on the NASDAQ was the bulls psychological target? Who knows, but as long as you knew enough to sell as the pink support line broke, you did well.

Here is the chart I posted soon after the open:

 NASDAQ seems to be whipsawing in a range - could be an expanded flat, or a broadening triangle, and the lack of volatility confirms a consolidation pattern.

Maybe we see the lower purple line tested this OPEX? I'll update this chart throughout the day, so watch my twitter feed.

Silver and gold retreated as expected. 

$SOX may be your best bet, so watch for a break out into a powerful wave "C" there.

I called the Russell 2000 a buy going into yesterday's close, and we're seeing a bounce on the $RUT this morning, but not sure we've seen the bottom. Lock in profits...
$RUT presents another confusing chart pattern, but support is the pink line, and again at the lower purple line - another broadening range.

 That's all the time I got this morning. Watch my twitter feed for continued market updates @3xtraders


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