sumastardon

Nasdaq 100 Index Potential Trade Points for Week Ahead

FX:NAS100   NASDAQ 100 Index
Nasdaq 100 Index NAS100
The gyrations of February have created some interesting
patterns on Nasdaq. After rallying to double top around 7000
it has subsequently fallen away to create a continuation
pattern under the high, finishing the week by closing at the
upper parallel of what may be a bull flag in formation. For
that to remain the case Nasdaq has to push on higher from
here, up through the uppermost small parallel of the potential
flag. And that same parallel has to hold up on the next retest
from above if and when it is broken above. If it can manage
this then the pattern changes from negative/vulnerable to
positive. If we see it happen we can follow long again. But
until we see this price action materialise this index is still
vulnerable and whilst unable to burst higher from here is
therefore liable to fall away again on lack of buyers. If so the
next question/clue will be: can make a higher low at around
the 6694 line ? - that would be first bull signal - and the
second would be breaking back above the upper parallel and
holding on retest (above) - if so, it can be followed long.

Worth watching in the opening 30 minutes or so of whipsaw as
the market opens - we may see a chance of a long emerging
as the dust clears a little 30 to 60 minutes in. If so it should
re-visit the highs again at 7000-7035. A move above 7045
would in turn be another very bullish signal, suggesting
further medium term strength up to 7660 and nearer term
strength to 7246.
However, until Nasdaq can make this break higher it's still
vulnerable to a potentally large sell off again. Near term
support at 6775, then 6994-6687 and last gasp for the bulls
from here at 6614. It must hold up here during the course of
this new week if it is avoid a further and potentially steeper
decline back to 6371, presenting a good short if we see it
develop at any point over the next day or two.
Comment: Nasdaq Chart Update Monday so far....
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