Ironman8848

NQ1 - ALL TIME FRAMES AT A GLANCE

CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
M1 : Long term picture is still showing an ongoing uptrend channel ; nevertheless, first signs of
a potential reversal is in progress (black candle in progress, which should, of course, be confirmed
on a monthly closing basis at the end of September.
W1 : The ongoing weekly candle is also in the progress to confirm the last 2 candles (black too !); a first support
15'209 has been reached, with the next significant support 14'658 (Mid Bollinger Band ) ahead of 14'242 ( KS ).
A failure to hold above the latter level would trigger a downside acceleration, calling for a move towards the clouds
support area , currently around 12'800-13'000)
Watch 15'209 on a weekly closing basis, bullish above and bearish below
D1 : Kijun-Sen on this time frame is in the progress to be broken (should be confirmed by today's closing level) !
First significant support level on this time frame is @ 14'900 (top of the clouds) ahead of 14'300 (bottom of the clouds).
As for W1, 15'209 should also be seen as the Key pivot level for further development.
A failure to recover and hold above this level would put further selling pressure over the coming sessions.
H4 : Well below the clouds with a lagging line below the clouds too.
Looks like furter downside is coming
H1 : As for H4, below the clouds, TS , MBB and KS , trend is down. Only a recovery above 15'300 would neutralise, on intraday basis, the ongoing
bearish price action

30 m /15 m : Same comment than for H1
5 m : Little bullish RSI divergence which stopped temporary the downside move (very short term corrective move only) any recovery
should be confirmed by longer time frame.
CONCLUSION :
A SWITCH OCCURED FROM A BULL TREND TO A NEW BEAR TREND !
WATCH NEW DAILY DOWNTREND RESISTANCE LINE (currently around 15'500 AS THE BAROMETER FOR FURTHER DEVELOPMENT

All the best and take care
Ironman8848


Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/private-analysis/