Momentum Short Signal: Trade 12, 2649.50

The Nasdaq 100 was 'too short' going into the FOMC meetings, which triggered a fast short covering rally, as per the NQ intraday chart below, which saw no follow-through buying (new fresh longs) come into the market above the 2689.75 weekly high (blue horizontal line) reference - profiling a p-distribution type day - typical of short covering days. On FED announcements yesterday, trading produced an 'inside day', narrow range trading, which again failed to move higher above the weekly highs. Today we can see the '4 day pattern top' completion due to the lower open coming off the inside day yesterday, and follow through into the SE-2649.50. This is a new 'Momentum Short' position and 'Short Swing' short position, offsetting previous Momentum Long at 2651.75 (Trade 11), for -2.25 NQ Pt loss over 13 trading days.