NSDQ has been growing inside a bullish channel since post covid crash last year. We have topped at 16750 and started to dump along with other markets on bad covid news again. The red candle signals more correction to come, with a first buy zone between 15600 and 15700 in sight.
What I will be watching now on daily chart :
- RSI going below 40
- MACD going below -100 and forming a curve at the bottom like in October, May and March.
This should take a few weeks and provide a good entry point before a potential Christmas rally.
If it fails and go lower, next horizontal supports to watch are around 15000, 14500 and 14000, which will provide even better entries for long swings.
Long term targets for US100 are beyond 20K and even 30K, depending on macroeconomic factors like FED's monetary policy, inflation, health situation, political tensions and so on.
Anyway, this market still offers huge potential as it includes the most profitable tech companies in the world.
I wish best success and profit to all traders and investors !
What I will be watching now on daily chart :
- RSI going below 40
- MACD going below -100 and forming a curve at the bottom like in October, May and March.
This should take a few weeks and provide a good entry point before a potential Christmas rally.
If it fails and go lower, next horizontal supports to watch are around 15000, 14500 and 14000, which will provide even better entries for long swings.
Long term targets for US100 are beyond 20K and even 30K, depending on macroeconomic factors like FED's monetary policy, inflation, health situation, political tensions and so on.
Anyway, this market still offers huge potential as it includes the most profitable tech companies in the world.
I wish best success and profit to all traders and investors !
Trade active:
Buy target reached, time to enter long positions with sell targets above 17000.
Caution however, next sessions might be tricky with incoming inflation figures. Any figure above the consensus (7%) could trigger another leg down so I'm not going all in for now.
Caution however, next sessions might be tricky with incoming inflation figures. Any figure above the consensus (7%) could trigger another leg down so I'm not going all in for now.
Trade closed: stop reached:
S/L hit it's safer to wait for a better entry, probably after next FOMC on Jan 26.
Trade active:
New long positions entered this Monday and Tuesday. We have tested every supports mentioned above and went even under 14K during one session. Both MACD and RSI went in oversold territory and we are due to a sharp bounce after good results from Big Tech companies and moderately reassuring comments from the FED board. I'll be adding more long positions on pullbacks during the coming weeks, then next major resistance should be around 15600. S/L placed around14500.
Trade closed: stop reached:
Stop hit again following inflation rate higher than expected + Ukraine issue. I'll draw a new trading plan later on, no need to try catching a falling knife.