The chart, with an imaginary rally line extending into the cosmos, is of course facetious, but you get my point: nothing can hold this beast back for long. It continues to benefit from freaked-out bears who understandably lack the guts to stand their ground ahead of weekends. On Friday, they drove the futures up to a level just shy of the point ‘C’ high of a bearish ABC pattern that served us reasonably well last week. The rally was stronger than in the Dow or the S&Ps, and it would seem to imply that stocks will open with a lurch higher as the new week begins. If DaBoyz are in full command, look for the Cubes to push above the 286.66 ‘external’ peak notched on 9/4. I will be looking to get short nonetheless around 276.40, albeit with risk very tightly controlled. It is a low-odds trade that I am not recommending unless you know how to fashion an rABC stop-loss risking perhaps 8-12 cents. The 252.83 target is still theoretically viable but no longer a great bet. ______ UPDATE (Sep 29, 7:07 p.m. ET): The opening felt too squirrelly to short, so I took no position; nor did I end the day with a strong bias._______ UPDATE (Oct 1, 6:35 p.m.): The Cubes are stealing up on an important resistance, a midpoint Hidden Pivot at 286.20. If they fist-pump past it or close decisively above it, that would hold very bullish implications for next week. Let’s see whether buyers can harness Freaky Friday for this heroic task.
QQQ – Nasdaq ETF (Last:282.25)
