Just sharing this amazing tool Auto Fibonacci by our folks at TradingView. Target for the day on MNQ Nasdaq
You can see what the Nasdaq has been doing for the past few days - nothing. There is serious overhead resistance. Unless it breaks through the easiest path is a 61% retracement and fill the gaps below and try again. Again if the trendline get broken all bets are off. Nasdaq is better at filling gasps better the SPX.
Popped right into resistance pullback retest. Will get rejected and head lower.
They're just ramming it into supply zone now, the desperation of the move up is clear. 13,300 is a good short area, I think we get a 5 wave down from there to 11,800.
Shout out to @Nanda86 for this awesome Monthly, Weekly, Daily OHLC Indicator. Amazing gift to the TradingView Community!! See the Monthly Hi Support bounce overnight Globex on the Micro ES
looking at the market today looking at today sesion 13686 ! might be also a entry point for a short
All info is on the chart. Good luck
NASDAQ 100 is testing descending resistance coming from beginning of September. I expect a return from this area but I won't open a position at this point. You may follow confirmation and returns, carefully. 11820 can be first support level, 11520 can be second support level and if it breaks, I will follow ascending support line.
My trade ideas for MNQ. The price may not come to me, but I I have orders in place.
Price is beginning to show consolidation and range mentality. This could be a significant low reversal area in the bigger scope, but in the nearer term there is potential for a short push back. Normally, I would be looking for a move back to lows and potentially further but with the strength of the double bottom, I don't want to get caught getting stuck at the...
A 1 min video just to show the difference (or similarity) between the MNQ and MES using the same exact day/time, timeframe, and indicators.
Breakout and back test happening now. Some good targets
The #MNQ1! has had a phenomenal wedge formation that broke higher. Now that prices are migrating towards the top of resistance, structural interest begins to take hold showing areas for sellers to potentially initiate new shorts to drive the market down. The daily is bullish, but the faster timeframes haven't shifted just yet suggesting this pop may be a trap for now.
These charts show how NDX cleans up unfinished business and the SPX is not. This is also true in /NQ Futures vs /ES/ - which makes it easier to trade as of late.
Personally I enjoy trading the NASDAQ more than the SPX or its derivatives. The NQ will let shorts out - added volatility creates bigger ranges for swing trading. What really matters is the NASDAQ is respecting Points of Control and Gaps more than the Spoos. The S & P still has three unfilled gaps from August the NDX has none! Todays price action was nothing...
Nasdaq Futures with lots of targets below got stopped dead - as the ES Futures hit yesterdays VPOC - this turned off the downward action. In the 15 Minute Bar the NQ lost 84 points - the move down was just as quick up, you couldn't hit the buy button fast enough to buy back shorts. NDX - Gap shown one of only two - unlike SPX which has four for the month of...