Nasdaq 100 futures appear to be setting up for a head fake of the pennant in progress since July. While this could potentially be the beginning of a major breakout to the upside, volume in recent weeks has continued to fall as the price has risen. Additionally, ROC indicates that momentum has not reached levels to the degree of previous attempts at the same price...
NQ likely in a B leg up, will shortly complete and initiate a C leg down, expecting a large pullback here before beginning a run to ATH's.
NQ - the smaller W (blue fibs) within the larger W (red fibs), suggests pullback to perhaps 12030 before a move up to the 12257 to 12291 area
+1 minor Support Line +1 High time frame (1H ~) +2 Chart Pattern Strategy Quality 4 / 10
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This analysis is the winter version of the NASDAQ in December. It is only technical trend analysis regardless of any news or information. If the NASDAQ rises in the current pattern, there is a high probability that it will drop significantly once. This is because it is an incomplete rising pattern. Anyway, gaining monthly support and then rising is going to be a...
Eventually, just not in the short-term. NQ at the daily view. The rotation from growth to cyclical stocks ramped up for the past month. Financials, energy, and industrial were among the most shorted sectors since April. When that rotation happened, those piled up shorts blew up all at once. The NQ did not rise as much (except for Tesla) because tech still had...
Contract - CME_MINI:NQZ2020 - High - 12128.25 - Low - 12093.00 Current Stats - Gap: = N/A - Session Open ATR: 247.27 - Volume: 35k - Trend Grade: Neutral Key Levels (Rounded - Think of these as a range) - Long: 12440 - Short: 10665 Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting....
Let me know what you guys think, thanks for all the support ;) Copyright Rohan Karunaratne 2020
NQ at the daily. As suspected, NQ will be lagging since the rotation from growth to cyclical stocks continue. How long will this take? Longer than people expect. Will NQ breakout? Eventually. Market breadth has to increase even more and that will drag the NQ higher. Until then, I am expecting some sort of decent pullback for the indices. Most likely not this...
Contract - CME_MINI:NQZ2020 - High - 11968.00 - Low - 11913.25 Current Stats - Gap: = N/A - Session Open ATR: 248.59 - Volume: 22k (Extremely light for a Sunday night) - Trend Grade: Neutral Key Levels (Rounded - Think of these as a range) - Long: 12440 - Short: 10665 Keep in mind this is not speculation or a prediction. Only a report of the Power Range...
It's possible nasdaq could double from here in 7 months in an insane blowoff top. Yellen + Powell + Stimulus. This is what happened in the last stage of the 2000 dot-com bubble. Then it dropped by around 80%.
Nearly every year, and especially in election years, there is a seasonal rotation back into big box tech stocks in anticipation of the long weekend and Thanksgiving. I attribute a lot of this buying to the Black Friday spree where Americans dive into big deals online and in department stores. Nasdaq futures are shown above and the consolidation above the 21 Day...
As long as the one hour time frame stays in the sell zone. I am expecting the market to push bearish towards the down fib extension.