NASDAQ hit a Support cluster. Trading scenarios for September.
The Nasdaq (NDX) index had a strong rejection these past 2 weeks exactly on the level we projected on our idea on August 04:
As you see, that level was the 0.618 Fibonacci Retracement level and the Resistance made from the May 05 High, which we predicted based on the symmetrical evidence with the February - March fractal. So far this has been working out perfectly, I can add that the rejection also took place exactly on the 1W MA100 (grey trend-line) and just shy off the 1D MA200 (orange trend-line).
This 2-week pull-back hit on Friday the 1D MA100 (green trend-line) and today the 1D MA50 (blue trend-line). This is an important Support cluster, assisted further by the Higher Lows trend-line that started on the June 16 Low.
What favors the bearish case is certainly the fact that the price got rejected on the 1W MA100 that was previously a Support (February 24, March 14) but is now establishing itself as a Resistance (May 05, August 16) and the inability to break above the 1D MA200, which is where the price was rejected on March 30. Those are in favor of the sequence continuing to repeat the Feb-March fractal, which sold-off to a new Lower Low.
The bullish case in however still backed up by the MACD Bullish Cross on the 1W time-frame that took place on July 22, which didn't happen previously in March or April. That strengthens further the 1D MA50/100 and June Higher Lows Support cluster. As long as that holds (staying above the now green Ichimoku Cloud), it should be more likely to retest the 1W MA100/ 1D MA200 Resistance Zone. As mentioned before, a candle close above that Resistance Zone should be enough to shift the long-term sentiment from bearish to bullish.
A close below the Higher Lows though, should deliver a test of the 1W MA200 (red trend-line), which is the current long-term Support and if also broken, then the 1W MA300 (yellow trend-line).
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As you see, that level was the 0.618 Fibonacci Retracement level and the Resistance made from the May 05 High, which we predicted based on the symmetrical evidence with the February - March fractal. So far this has been working out perfectly, I can add that the rejection also took place exactly on the 1W MA100 (grey trend-line) and just shy off the 1D MA200 (orange trend-line).
This 2-week pull-back hit on Friday the 1D MA100 (green trend-line) and today the 1D MA50 (blue trend-line). This is an important Support cluster, assisted further by the Higher Lows trend-line that started on the June 16 Low.
What favors the bearish case is certainly the fact that the price got rejected on the 1W MA100 that was previously a Support (February 24, March 14) but is now establishing itself as a Resistance (May 05, August 16) and the inability to break above the 1D MA200, which is where the price was rejected on March 30. Those are in favor of the sequence continuing to repeat the Feb-March fractal, which sold-off to a new Lower Low.
The bullish case in however still backed up by the MACD Bullish Cross on the 1W time-frame that took place on July 22, which didn't happen previously in March or April. That strengthens further the 1D MA50/100 and June Higher Lows Support cluster. As long as that holds (staying above the now green Ichimoku Cloud), it should be more likely to retest the 1W MA100/ 1D MA200 Resistance Zone. As mentioned before, a candle close above that Resistance Zone should be enough to shift the long-term sentiment from bearish to bullish.
A close below the Higher Lows though, should deliver a test of the 1W MA200 (red trend-line), which is the current long-term Support and if also broken, then the 1W MA300 (yellow trend-line).
--------------------------------------------------------------------------------------------------------
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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