Betting long? Heck no, maybe for a day trade, but we can easily open limit down one of these days.
Small break out stocks may be good for long entry, but with a very small time horizon, like under 4 days, and a tight stop.
I bet NQ futures todays, had a nice little $600 profit going and then BAM....turned into $300 loss. Glad I had moved some of my stops into the profit zone, or it would have been a $600 loss. Support and resistance day trades, but not much time for those. I have a paid service that calculates that stuff, makes a moving chart, and sets off a tone near a trade point. Sometimes amazing how well and how fast the price action changes around the support and resistance. Expensive service, worth it for occasional use, would be very worth it if you were a daytrader.
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Insightful and Useful Comment!