Apparently, the U.S.-China “trade war” has people scared to trade this morning as market volume (NQ at 19k as of 07:30 EST) is extremely low, with not much going on so far looking at the Nasdaq Futures 5-minute chart. This low volume is present in other areas of the market as well (gold, crude oil, and Euro forex).
On the calendar today, Crude Oil Inventories at 10:30 EST.
At the Bell
Not long after I wrote the premarket insight a ton of selling started in the markets around 07:45 EST and volume picked up a bit. There was a lot of selling in other areas of the market as well. CL already down more than 1.34% (94 ticks). With that type of selloff in the premarket, may just be sticking to NQ today.
From a technical analysis point, the NQ selloff on the daily chart makes sense as it ran into strong resistance.
So, I clearly misread the sentiment on CL today. It continued to drop and gave a ton of opportunities that I missed out on. Could have given me a really strong green day. Really frustrating how I keep letting this fear get the best of me. I took one play in CL that was a loser do to wrong timing.
Still green though thanks to NQ. Caught the one good move in the morning session and pretty much ended my day there. Would have been really nice to get all that profit from CL, but I can’t complain too much finally having a green day again.
Comment below with your opinions and questions.