Sunday Prep 9/26 - $NQ / $QQQ Same Thoughts As $SPY
Even though you will see me using trendlines in my charts, I always like to have a disclaimer that for me, trendlines are merely rough guides. I’m not delusional enough to completely ignore all the prior trendlines that could have been drawn that all would have been broken a dozen times over, only to be replaced by a new trendline when it made it convenient for whatever narrative you were trying to see. That being said, we have definitely pulled back to a pretty interesting area in relation to the trendline we have now created.
What’s more important to me is that after the pullback to these levels, we got a nice little reversal setup with the higher lows on the daily chart (highlighted by the yellow circles) that were then able to push back over 15163.25. To me, that makes last week’s lows pretty significant.
Same thoughts go for the Nasdaq as went for the S&P. If we can reclaim last week’s highs, do we then push back to ATHs? Or do we start to roll back over and possibly begin creating a higher timeframe lower high on the weekly chart?
Bulls will want to defend the 50d/quarterly pivot area. If they can’t hold there, the next spot I would watch for them to show up at would be the 15k round psychological level which is also the monthly pivot/annual pivot area.
Bears will be looking to defend the 20d. Above that, I would definitely expect to see them do battle up around that 15550 area which is where the recent correction began from.
What’s more important to me is that after the pullback to these levels, we got a nice little reversal setup with the higher lows on the daily chart (highlighted by the yellow circles) that were then able to push back over 15163.25. To me, that makes last week’s lows pretty significant.
Same thoughts go for the Nasdaq as went for the S&P. If we can reclaim last week’s highs, do we then push back to ATHs? Or do we start to roll back over and possibly begin creating a higher timeframe lower high on the weekly chart?
Bulls will want to defend the 50d/quarterly pivot area. If they can’t hold there, the next spot I would watch for them to show up at would be the 15k round psychological level which is also the monthly pivot/annual pivot area.
Bears will be looking to defend the 20d. Above that, I would definitely expect to see them do battle up around that 15550 area which is where the recent correction began from.
Trade closed manually:
Short Entry Triggered
come join us at Truetrader.net to know how we trade it realtime
come join us at Truetrader.net to know how we trade it realtime
