NAS100 - Let's swing a bit? Looking for a short term short.
The idea is a top hunting and/or swing trade idea, so play it only in small pls!
Daily: No change, bullish, but getting overbought a bit. 4050-4075 one more blow is possible, but at some point will have to chill down a bit.
4 Hrs: Still Bullish, but ADX reached above 40, which often calls for a stop and some correction in the trend.
1 Hr: Slow Stoch turning down, while the ADX of recent bullish trend dropped, so the momentum is loosing here.
This is the time frame to watch for a small counter trend swing trade. I marked the entry, exit and expected tgts.
You can enter the trade on trend and Kumo break, which is still safer than trying to catch a "top" here or some higher. Be careful, if Nas100 dips earlier, then rather wait for a pull back. Wait for clear signals on this time frame, like Price clearing the Kumo and closing below the horizontal resistance, and Chikou Span crossing below Price.
The break may happen today but maybe only tomorrow or later. Be patient!
In case a pull back hapens, the lower supports, so the target levels for correction are the followings:
- 3995 - 4000 (4 Hrs Kijun Sen)
- 3945 - 3955 (Daily Kijun Sen)
p.s.: The turnover in last three days is lower and lower, there is less volume in last phase of this buying.
p.s.2: Btw, VIX stopped moving lower after front contract maturity yesterday. Sept VIX futures is unch. on the day so far, but if starts moving higher (on back of protection buying) that can be some early indication too that equity correction is looming.
Daily: No change, bullish, but getting overbought a bit. 4050-4075 one more blow is possible, but at some point will have to chill down a bit.
4 Hrs: Still Bullish, but ADX reached above 40, which often calls for a stop and some correction in the trend.
1 Hr: Slow Stoch turning down, while the ADX of recent bullish trend dropped, so the momentum is loosing here.
This is the time frame to watch for a small counter trend swing trade. I marked the entry, exit and expected tgts.
You can enter the trade on trend and Kumo break, which is still safer than trying to catch a "top" here or some higher. Be careful, if Nas100 dips earlier, then rather wait for a pull back. Wait for clear signals on this time frame, like Price clearing the Kumo and closing below the horizontal resistance, and Chikou Span crossing below Price.
The break may happen today but maybe only tomorrow or later. Be patient!
In case a pull back hapens, the lower supports, so the target levels for correction are the followings:
- 3995 - 4000 (4 Hrs Kijun Sen)
- 3945 - 3955 (Daily Kijun Sen)
p.s.: The turnover in last three days is lower and lower, there is less volume in last phase of this buying.
p.s.2: Btw, VIX stopped moving lower after front contract maturity yesterday. Sept VIX futures is unch. on the day so far, but if starts moving higher (on back of protection buying) that can be some early indication too that equity correction is looming.
