Markets did rally nicely here on Monday as expected over the weekend. The QQQ made its right shoulder seems like and did a very nice move up above the neckline and closed back to a re-test of it at close. AAPL as I charted too made a good move too near 332-333 neckline and if breaking that , target is 345 this week.
I'm still expecting higher levels to 1320-1330 range sometimes this week, so hopefully we get follow throught to the upside.
If I'm reading this right objective - then the backtest on QQQ neckline should be followed with another rally Tuesday - but as the 30 min charts are overbought short term - it favours a pullback or some downside soon. But again - markets can stay overbought for longer time , so would not be surprised to see another rally. I also need SPX to take out above 1300 very soon this week - so hopefully we are going higher. My TNA which I added below 70 last week have already amazing gains as it is back up to 75ish area , still holding my major position from 68.8 in good profits now - but I would be looking for some more this week.
Its hard to find a good read on euro , but I would expect a bit higher on euro to help markets moving higher - possible a short term solution on Greece - and short term relief rally. Markets been very choppy - sentiment is still very bearish , but sentiment could be more bearish than now too..
Conslusion is: I remain long TNA 68.8 and small cap stocks - looking for 1320-1330 - QQQ 57+ sometimes this week. For Tuesday hope for a follow through to the upside - but markets overbought short term.
Have a nice day and remember to follow me on twitter.
Got long REDF - RITT and SIFY Monday few small cap stocks.
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