Weekly outlook:
After consolidating around 13000 for what seemed like forever, the Nasdaq has officially
broken over 13000 resistance with a nice looking bull flag.
If the Nasdaq can continue to hold over 13000 this week, expect the Nasdaq to continue
higher to targets of 13500/13750 in the future.
13750 is the previous macro lower high of trend as well, so any move above this would
indicate a macro breakout of the downtrend and would call for much higher prices of
14000/14250/14500/15000 and potentially higher.
If the Nasdaq is unable to hold over 13000 this week, this would open the door to
aggressive selling and targets of 12750/12500/12250/12000/11750 in the future.
As long as the Nasdaq can hold above 11750 on the micro, the bullish trend will remain
intact in the short term as well.
NFP day:
NASDAQ didn't react significantly to this week's earnings, despite both AMD and APPL beating analyst expectations. However, the FOMC's actions/reactions played a significant role in the outcome. Now, we have the NFP to look forward to, and it should be interesting. Let's see how it plays out as we soak, plant, grow, and harvest.
NAS100 is currently trading slightly above the pivot point at 13020. If the 4-hour candle closes above this level, the price will likely push to 13053. A 15-minute candle close above 13053 will result in a push towards 13100, 13160, and possibly beyond, with the potential for rejection at 13340.
On the other hand, if the price closes below 13020, we can expect a push downwards towards 13000 and possibly 12954. If the price continues to decline, it will go to 12905 and 12845. If the 12845-12816 area fails to hold as support, we can expect to harvest at 12784, 12723, and 12585.
The bulls need to retain that 13000 area otherwise its game over.
After consolidating around 13000 for what seemed like forever, the Nasdaq has officially
broken over 13000 resistance with a nice looking bull flag.
If the Nasdaq can continue to hold over 13000 this week, expect the Nasdaq to continue
higher to targets of 13500/13750 in the future.
13750 is the previous macro lower high of trend as well, so any move above this would
indicate a macro breakout of the downtrend and would call for much higher prices of
14000/14250/14500/15000 and potentially higher.
If the Nasdaq is unable to hold over 13000 this week, this would open the door to
aggressive selling and targets of 12750/12500/12250/12000/11750 in the future.
As long as the Nasdaq can hold above 11750 on the micro, the bullish trend will remain
intact in the short term as well.
NFP day:
NASDAQ didn't react significantly to this week's earnings, despite both AMD and APPL beating analyst expectations. However, the FOMC's actions/reactions played a significant role in the outcome. Now, we have the NFP to look forward to, and it should be interesting. Let's see how it plays out as we soak, plant, grow, and harvest.
NAS100 is currently trading slightly above the pivot point at 13020. If the 4-hour candle closes above this level, the price will likely push to 13053. A 15-minute candle close above 13053 will result in a push towards 13100, 13160, and possibly beyond, with the potential for rejection at 13340.
On the other hand, if the price closes below 13020, we can expect a push downwards towards 13000 and possibly 12954. If the price continues to decline, it will go to 12905 and 12845. If the 12845-12816 area fails to hold as support, we can expect to harvest at 12784, 12723, and 12585.
The bulls need to retain that 13000 area otherwise its game over.