Trading scenarios for $NDX for 01-05 March 2021

OANDA:NAS100USD   US Nas 100
Daily/Weekly/Monthly: Down/Down/Mixed

Very bearish weekly candle last week. #NDX is weak but at important support, which held on Friday.

3 possible scenarios:
1) Break of 12678, target 12427 and further 12097
2) As long as 12678 holds, look for longs, targeting 13335, which is a strong R. If we break this R, look for move to 13559-13607 zone.
3) 12678 holds and we target 13335. Rejection off 13335, for a move back lower to 12427

IMO, scenario 3 is most likely.


I agree with the supp/res levels, also check out 13080/13125. I'm heavy bear bias, but went heavy long around 13k. I don't see the catalyst for another 1k pt sell off. 100D ema around 12.6k shouldn't get broke fast, but if it does I'll worry. The bond and inflation worries were over-reacted to and quickly corrected. Stimulus is on the way mid-March. Should see a boost from that. Wouldn't worry about another big drop till the moratorium on evictions is over. May happen soonish tho. https://www.nasdaq.com/articles/judge-says-cdcs-eviction-ban-is-unconstitutional.-heres-what-that-means-for-renters-2021
@Drip_Drop, Sorry just saw your reply. Thanks for the comments. Things have gone exactly as per scenario 3. We hit 133xx and come down. My end target was 124xx, we are almost there, but we might not. Because RUT hit my Scenario 3 target already. Let's see if we get a rally today instead.
Great work!
FadeMeIfYouCan Henry_Ross
Thanks for the comment!
Henry_Ross FadeMeIfYouCan
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