Nasdaq 100 Futures, 30-minute Chart
The Nasdaq 100 futures reversed right at the .618 retracement level which makes me a little more bearish, though the trend
is still clearly up on the daily chart. The longs who didn't take the money and run
at that 1286 objective were stopped out at breakeven, no harm, no foul.
Amazon.com, Daily Chart
So if you think the Index is going to continue lower here and feel like having a little end-of-week fun, you could consider
a countertrend short in Amazon. Yesterday's Japanese candlestick is called a "shooting star" and it's a textbook reversal pattern,
especially when combined with a test of top (read Nison if you want to understand Japanese candlestick patterns; read
if you want to understand what a "test of top" is).
Assuming AMZN breaks the low of the shooting star you could get short... I'd be inclined to get short within the opening range
this morning, but that's a "jumping the gun" maneuver which I'd recommend only to those who are experienced at losing vast sums of money. ;-)
Canadian Dollar Futures, Daily Chart
One last thing... although the US dollar has reversed and is trending down again, I'm inclined to think about the CD from the
short side, for a scalp at least, since it made such a cute little narrow range reversal bar yesterday.
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