The Nasdaq 100,comprised of mainly technology stocks,
is leading the stock market lower, and downside risk
is becoming more elevated, as the decline continues.
A bearish false breakout to new all time historic highs,
culminating with a Triple Top Peak at 7851 ( See Chart )
set the decline in motion.
US/China trade tariffs now in force are materially impacting technology stocks ,
more than any other group as the market seems to want to get a handle
and discount future growth prospect now as to not be blindsided later.
How far can the Nasdaq 100 fall from these levels
before a meaningful bottom is found ?
My own suspicion is that barring some unforeseen very bullish surprise news,
which you know they will try their best to create
Nasdaq 100 seems to have created heightened risk
for a continued, and eventual decline to NDX 7000
As with any decline, rarely is it straight down,
so traders must pick entry points to accumulate short positions on NDX
with almost absolute precision, and then have the courage to hold on,
and wait for the decline to strongly continue
I am using the 4 Hour Chart on the Nasdaq 100,
using 4 Hour RSI, to gain important institutional chart support/resistance numbers.
And, I am 25 % short the Nasdaq 100,
at the close Friday,
prior to the long holiday weekend.
THE_UNWIND
5/24/19
NEW YORK
is leading the stock market lower, and downside risk
is becoming more elevated, as the decline continues.
A bearish false breakout to new all time historic highs,
culminating with a Triple Top Peak at 7851 ( See Chart )
set the decline in motion.
US/China trade tariffs now in force are materially impacting technology stocks ,
more than any other group as the market seems to want to get a handle
and discount future growth prospect now as to not be blindsided later.
How far can the Nasdaq 100 fall from these levels
before a meaningful bottom is found ?
My own suspicion is that barring some unforeseen very bullish surprise news,
which you know they will try their best to create
Nasdaq 100 seems to have created heightened risk
for a continued, and eventual decline to NDX 7000
As with any decline, rarely is it straight down,
so traders must pick entry points to accumulate short positions on NDX
with almost absolute precision, and then have the courage to hold on,
and wait for the decline to strongly continue
I am using the 4 Hour Chart on the Nasdaq 100,
using 4 Hour RSI, to gain important institutional chart support/resistance numbers.
And, I am 25 % short the Nasdaq 100,
at the close Friday,
prior to the long holiday weekend.
THE_UNWIND
5/24/19
NEW YORK