NQ1 100 MF - WATCH MBB !!!

DAILY (D1)

Under heavy selling pressure very close to the MID BOLLINGER BAND SUPORT LEVEL @ 14'415 !!![

A daily closing below this level would open the door for lower levels towards the next very important support @ 14'105 which is the KIJUN-SEN.

RSI below 49.24

LAGGING LINE moved sharply down after the failure to cross over the daily clouds.. but still above both the KIJUN-SEN and the TENKAN-SEN .. for how long ???

Yesterday's price action triggered a BEARISH ENGULFING PATTERN (LONG BLACK BEARISH CANDLE) which is confirmed by ongoing today's price action, which is showing a second long black candle currently traded roughly at the bottom of this candle (intraday low being @ 14'446...

VERY IMPORTANT TO NOTE THAT ON THE UPSIDE THE WEEKLY LEVEL OF THE KIJUN-SEN @ 14'855 which also coincides with the TOP OF THE DAILY CLOUDS AREA, did not hold and the breakout of this important support level triggered a downside move acceleration towards the 14'500 area .

As mentioned previously, today's closing level will give an important information for further development as a failure to clearly recover above the top of the daily clouds area would continue to keep this ongoing selling pressure live.

As usual watch shorter intraday time frames to get clues and intermediate signals which will help you to validate or invalidate the implications above mentioned in the daily time frame.

Last but not least, in looking at the weekly picture we can see that the NQ100 is again currently traded in the clouds area ..

IRONMAN8848 - Jean-Pierre Burki