Long Signal: Trade #37 - 2579

We have a 'Closing Reversal' entry generated yesterday. The Signal was an end of day entry. Though given the 'high confidence' open - refusal to sell back into the gap and previous day trading range - implied the characteristics of trending type day set up. The entry can be visualized in the NQ 15min intraday chart below. The NQ will demonstrate 'meaningful activity' if we get a close > 2600 (back in the previous monthly channel > 2599 and outside and above the weekly channel highs > 2597) which would imply an intermediate  trend change or weekly structural change, which we haven't seen since the Sept 21 market top (42 days). Although we have a short trading week, this would be very supportive going into the Nov 28 turning point.



The NQ did not generate a Momentum-type signal yesterday, but AAPL did, which is supportive, as the AAPL Momentum indicator correlates to higher probability short term trending characteristics, provided we have a second consecutive day of stability above the the 3 day pivot (short term swing indicator).

I can use the AAPL trade as a proxy for my NQ expectancy and positional management: I've also attached a day chart of the AAPL Momentum swings going back to late 2011 and some chart references where 'True Long Liquidation' enters the market. We can see this come in at 3 locations on the chart as referenced in and around the 615 level and as low as the 590's. These are selling locations for AAPL in the past and serve as importance references. On the other hand, AAPL has not sold below its Quarterly time-frame low (Green Line = 570) since the bear market (2008). Below this important reference AAPL 'represents value' and was taken all the way back up to this 570 reference level yesterday. We need to observe AAPL find price acceptance > 570.