By: Tom Gentile
on May 12th, 2021
The NASDAQ peaked out weeks prior and the strength in the Dow kept the S&P 500 from rolling over sooner than it did and now the Dow has topped out (for now?) and had its worst day of trade since January of this year.
This now calls out the questions of ‘what to do now?’
Start trying to pinpoint where a potential upcoming support area is for equities you follow. Fibonacci support is a tool we like to use at Tom’s Trading Room.
Look at the Q’s (QQQ) for example. I would look to see if a test of the 38.2% Fib retracement zone provides an opportunity for some short-term bullish option opportunities.
C1P Chief 1-Percenter