Here are the levels for the Nasdaq 100 going into the trading week of June 6th - June 10th. Levels above current price act as resistance. The level below current price are support. Currently price is consolidating above the 9/21 ema cloud just below the Neutral box. If price breaks back into the Neutral box expect first resistance at the 55 ema. Above that the top of the Neutral box. If price breaks down below the 9/21 ema cloud look for first support at the green box. Below the green box I would expect a move to the downward trendline.
Lighter week of economic events, but crude inventories comes out on Wed and CPI data is reported on Friday. Both can move the market.
I have not been gaining any traction with these weekend posts with regards to views or likes so I am reassessing my content. So for now my posts will be on the lighter side.
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Price has been consolidating below the HTF Neutral. Now trading close to the bottom of the range. Support below is the LTF Neutral. If price breaks the top of the LTF Neutral box expect a move to the bottom of the LTF box. Below that the May 20th low would be in play. Price currently trading below the 9/21 ema cloud on the daily.
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Sideways chop continues. May not get a directional move until the CPI come out tomorrow.
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Broke through the top of the Neutral yesterday and has now dropped to the bottom of the Neutral box. If there is going to be a bounce it likely comes off the 12000 level. If that fails we are looking at potential move down to the May 20th low or more.
do you enter trades on these days with no directional decision and sideways chop?
WadeYendall
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@dl3286, Not really. Just a small scalp here and there from the pivots. Very hard to trade in the chop. Today offered the first opportunity as it broke down out of the range. Even then just short term scalps until CPI comes out tomorrow.
Miklos2020
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@WadeYendall Thanks for your posts which are very informative. I like your sections on pro and cons as it gives me a good picture for the week ahead here and what your trading assessment. I am not a pro just someone who occasionally trading but again your posts are very insightful.