Doug Busch, CMT
Doug Busch, CMT, "It is Still a Software World: https://lnkd.in/e36KRvgV 'with $NVDA stealing spot light, $IGV is where action is. Will test heights of bearish gravestone doji candle from 11/13 today but as long as it remains above par stay sanguine.' $PANW $DOCS $MTSI $SWKS $OPRA $CRUS $ARM $SOXX"
Creighton's thoughts at 9:34am CST: December NASDAQ 100 futures trading down -0.92%/-191.50pts at 20557.50, while NVDA is trading at $142.19, DOWN -2.54%/-$3.70 from yesterday's close...
NVDA is putting in a huge bearish engulfing candle after reaching an all time high. That IS Massive Price Rejection, and very bearish...Very... We will see if the stock rebounds today or not. If the bearish engulfing candle holds, then that is a game changer for the whole stock market.
Since NVDA IS the market these days, the NASDAQ 100 should be called the NASDAQ 1.
So, where NVDA goes, we all go...
With that said, here are my key levels that turn this market from bullish to bearish... Very bearish... Like Lookout Below, and Goodbye Charlie bearish...
1). Minor support in the NASDAQ100 December futures daily chart in the 20508.25 - 20437.00 - 20383.25 area- That is the 2 pink support lines along with the thick red support line in the upper quarter of the chart below.
This area corresponds the lows put in over the last 5 days...
2). Major support at the Trump Bump lows put in during October 31, through Election Day on the 5th. This area is at the thick white line at 20008.50, in the very middle of the chart below.
I think if the market gets below the Trump Bump lows, then it's Lights Out, and GoodNight for this Historical Bull Run... Over- And- Out!!
Peace,
Creighton☘️
