NASDAQ; Is this the Top or is the Sky the Limit?
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Can we run an economy on Netflix and Video games? This NASDAQ Mini futures (NQ1!) chart says, "maybe." Let's take a look at the trend and some levels to see if NASDAQ is about to get rejected at resistance or re-test the all-time-high.
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1. Fractal Trend is showing an uptrend (Green background color) for NQ1 on the 4 hour chart. With our approach, we want to take long positions when Fractal Trend signals an uptrend AND then Breakaway Scalper signals a long entry in the uptrend by showing a Green bar color. We only trade with the trend.
2. Right now we are seeing R1 acts as resistance again. It has seen a number of reactions off it since the downtrend in March, and thus we are looking at it as resistance here.
3. If we get a break above R1 and S/R flip to find support on it, then the bearish order blocks at R2 & R3 represent the last major resistance levels before the return to the all-time-high for the NASDAQ!
4. If R1 does continue to act as resistance and hold price down, then S1 and S2 or the next logical places to look for support. We will reassess the chart upon reactions to those levels. Good luck family!
Like and Follow to help us grow family! 🎉
---
Can we run an economy on Netflix and Video games? This NASDAQ Mini futures (NQ1!) chart says, "maybe." Let's take a look at the trend and some levels to see if NASDAQ is about to get rejected at resistance or re-test the all-time-high.
---
1. Fractal Trend is showing an uptrend (Green background color) for NQ1 on the 4 hour chart. With our approach, we want to take long positions when Fractal Trend signals an uptrend AND then Breakaway Scalper signals a long entry in the uptrend by showing a Green bar color. We only trade with the trend.
2. Right now we are seeing R1 acts as resistance again. It has seen a number of reactions off it since the downtrend in March, and thus we are looking at it as resistance here.
3. If we get a break above R1 and S/R flip to find support on it, then the bearish order blocks at R2 & R3 represent the last major resistance levels before the return to the all-time-high for the NASDAQ!
4. If R1 does continue to act as resistance and hold price down, then S1 and S2 or the next logical places to look for support. We will reassess the chart upon reactions to those levels. Good luck family!