I am still bearish for the NQ. Even though it had bit of recovery in the last hour on Friday, the future didn't achieved to go above the 7450 again. The underlying index looks even worse. RSI on the daily in downtrend. As well the other leading US index futures on YM and ES in the direction downwards (for YM I even think it can lose some 1000 points over the coming days and weeks, before mid September).
If NQ breakes 7390, then it is open to go towards 7290 - 7300. Breaking this level, could lead to a downwards move towards 6900. Basically I see good potential, that we will see this move now in the coming days and weeks and, as well as said for YM, this could be the direction for the next 4 weeks.
A possible entry for short position on NQ is now up to the level just below 7447 and definitely at 7390 and below. Profit target is 7290 - 7300 (this as a trading idea for one day or at max three days, depending on the market movements).
Should NQ go above the 7455 and cross the 50 period MA on the hourly chart, then a possible recovery will take place and delay this downwards move.
If NQ breakes 7390, then it is open to go towards 7290 - 7300. Breaking this level, could lead to a downwards move towards 6900. Basically I see good potential, that we will see this move now in the coming days and weeks and, as well as said for YM, this could be the direction for the next 4 weeks.
A possible entry for short position on NQ is now up to the level just below 7447 and definitely at 7390 and below. Profit target is 7290 - 7300 (this as a trading idea for one day or at max three days, depending on the market movements).
Should NQ go above the 7455 and cross the 50 period MA on the hourly chart, then a possible recovery will take place and delay this downwards move.
Comment:
7383 seems to be a piece of resistance, but this should be broken as soon as Europe starts the day (in half an hour about). FDAX continues it's way from Friday towards 12'300.
Comment:
Lethargic markets?
Todays rebound towards 7480 was a bit more than expected, but again it hasn't been pushing further upwards. Instead NQ turned lower again.
I keep with my outlook for the coming days.
Todays rebound towards 7480 was a bit more than expected, but again it hasn't been pushing further upwards. Instead NQ turned lower again.
I keep with my outlook for the coming days.