GDP numbers down, Price hit resistance, Stochastic down, MACD down --> $340 profits
5 min Emini Nasdaq 100
GDP numbers were out at 8:30 am. and they seem to be bad... But this did not deter the market from gapping up at the opening bell... Price action was hugely unpredictable with price zig-zagging up and down....
I had to wait till 13:00 pm for a chance to enter... It is quite obvious that 1935 is a resistance line the price is trying to cross as it whenever it hit 1935, it just gets bounced back... I shorted 1 contract at 1932 when stochastics plunged down from it's overbought region... The risk/reward is good as my stop loss is just above the resistance line at 1936. I shorted all the way till 1925 when a white candle appeared adn i got out with $340 profits.
notice the region highlighted in orange seems like a possible trade? In reality, it is quite a difficult trade as Short-term MACD is too close to the zero line and I didn't have enough conviction to put money behind it...
Fundamentals
First quarter real GDP growth was revised lower to just a 0.6% annual rate of increase. This won't have any market impact as the first quarter is long over, but it should serve as a reminder that the economy is far from hitting on all cylinders. Growth will pick up in the second and third quarter, but probably won't reach the long-term trend of 3% this year. Initial claims for unemployment for the week ended May 26 were down 4,000 to 310,000. That is still a low level, reflecting a good labor market.