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Somewhere , Over The Rainbows

Summary

Nuclear War and Nazi Resurgence?

Another End of the World Theory?

SnP500 collapsed 2.81% if you can call that as such

Bull Flags Galore!

Got to give this exuberance rally some credit:

Previously, NQ and YM were at loggerheads or father vs. son old story against each other.  Now, they seem to be synchronized again sporting some potential bull flags - albeit at the brink of failure breaking below the lower channel supports.

>>  NQ Bull Flags:  https://drive.google.com/file/d/0B9dBZPXNckXYS1ZLMnFaS0RLRTg/view

>>  YM Bull Flag:  https://drive.google.com/file/d/0B9dBZPXNckXYTEZMdXZxTkpBNkE/view

NQ is again making another lower-channel breakdown recovery.

If YM can recover as well, then assumption is another rally ahead.  We just don't know if it's the 65% success rate of higher high or another case of 35% failure rate.  OR just another small bull flag first then keep whipsawing everybody as it slowly transforms into bigger and bigger bull flag over the weeks and possibly months ahead.

Can you see Russell2000 with a credible 1-2-3-4-5 run down from July 26 high?  A potential big C-wave down on daily chart.  Huge upside potential for R2K if that is indeed a C-wave for an A-B-C pattern from the April 24th high. 

Check it out dude!

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Trading Strategies:

For daytraders;  I published the NQ Bull Flags in my comments yesterday as advance warning of possible new rally to new highs.

For intraday entry;  when I saw a credible Divergence Buy Signal on 30min chart for NQ and ES;  I bought the NQ as potential swing trade.  When YM tested the dip trip support and suddenly wiggled very hard within few points for several seconds, my finger simply pressed the buy button as if like automatic.  Not my fault, it's the finger's.

For discretionary traders;  many prefer not to buy on Fridays, what with the looming weekend holidays and summer doldrums at that.  Suicidal they say to execute pre-emptive strikes on low-volume market environments specially during Friday sessions.

Good thing is that Mondays tend to be THE Buy Days in many many weeks already.  The trend is a friend - until no more.

Good luck.