Navigator™ Signals for Day Traders Update 1 – 5/4/2021 by AF Thornton May 4, 2021 0 Comment Careful here – we are coming into important support for both the S&P 500 and the NASDAQ 100 – so look for a possible bounce. I just covered some beautiful shorts (see morning commentary). Adding further caution (if you are short), the put/call ratio is high, up around .71 (a level associated with recent minor lows). The indexes are approaching these multiple support structures with the put/call ratio and the daily chart cocked for a short-term low. I want to see these support areas play out before taking any further short positions. I like to buy when fear is high and sell when it is low. At the moment, fear is high – at least relative to recent declines and certainly in the very short term. I prefer to cover my shorts in the circumstances, otherwise I am trading with, rather than against, the crowd.But it is notable that the NASDAQ 100 gapped down and through the daily 21-EMA, slicing like a knife through butter. Of course, this is intraday and the day is not over, I am in love with profits, not my opinion. Don’t get too bearish yet and bag some profits here if you took my advice this morning and shorted at the balance area lows.AF Thornton
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AF Thornton Website: https://tradingarchimedes.com A.F. "Arthur" Thornton is an expert in logic, risk/reward quantification, market fractals, pattern recognition and asset class behavioral analysis with 34 years devoted to developing algorithmic and quantitative trading systems. In addition to trading his own capital, Mr. Thornton designs custom algorithmic and quantitative trading systems for a small and exclusive group of exceptionally qualified traders.