Scared Money

Well we finally did it. That 14610 support on NQ finally broke down, and we've visited territory not seen since June. 14610 has been the line in the sand since August, and now that we've finally gotten below it, the real question is now what happens? Don't be scared, let's talk this out.

Major support has fallen (Mjr. Support? Sounds like a 1990s CBS sitcom), so what should we be looking for? Well, first and foremost, let's stay focused on that zone from 14610 to 14633. We hold above there, and I would enjoy watching for confirmation longs to take us back into the months long range we've been stuck in. That would say to me this was a potential overnight liquidity sweep to fuel a Monday pump into a big earnings week. If we fail that zone, I would become interested in confirmation shorts looking to test overnight lows and previous levels below. The big thing here is don't be scared and fall into the doom and gloom or worry about a crash or anything like that. Have a plan and stick to it.

No matter what happens, I'm going to stick to my levels and base my trade ideas off of those. Long or short, up or down, sideways chop, it doesn't matter. When you have a system that works, you don't have to feel overly nervous or anxious about whether or not your trade is going to work out. Have a systematic approach and stick to it and you'll be just fine. As the saying goes, "scared money don't make money" and we want you to make consistent money in a sustainable manner.

Here are today's NQ levels:

Current Price: 14600

Upside Targets: 14610, 14633, 14680, 14740, 14782

Downside Targets: 14586, 14536, 14468, 14429, 14369

Stretch Targets: 14820, 14336