17780 point is the point to be protected and the stop point. I still think bullish, target point 18400. long position can be taken with bullish confirmations or long can be taken from the region above 17300.
Nasdaq is forming a new HH at the top of the 1 year Channel Up with the 1W timeframe overbought technically (RSI = 70.596, MACD = 766.660, ADX = 46.154) and the RSI in particular under LH and inside the red Resistance Zone. This is a bearish signal, validation would come upon a 1D MA50 bearish crossing. Our target is the 1D MA100 (TP = 16,850).
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Nasdaq is almost overbought again on the 1D technical outlook (RSI = 69.937, MACD = 245.100, ADX = 36.889) but that shouldn't affect it much as it is trading on the lower band of the November Channel Up. Leg 1 of the bullish sequence that made the Nov 15th HH extended to the 2.382 Fibonacci level. As the 1D RSI is identical to that Leg and shows that we are...
Nasdaq hit our TP = 15,000 as since our last idea (chart at the bottom) we took full advantage of the whole LH leg of the Channel Down. With the 1D technical outlook now just slightly bullish (RSI = 56.567, MACD = -24.590, ADX = 32.703) despite the seven day rally, we are looking towards a short term pullback that will test the buying strength and investor...
In my previous update I emphasized that this yellow sell zone is a very strong resistance level for SQQQ. There was a lot of uncertainty surrounding the Friday jobs data, but the data came in very strong and almost double expectations. This led to a bullish rally for TVC:NDQ and SP:SPX that led to steep bleeding for SQQQ. I predicted that SQQQ will drop below...
Nasdaq crossed under the 1D MA100 today for the first time since January 20th (exactly eight months) with the 1D technicals turning bearish (RSI = 38.504, MACD = -53.900, ADX = 32.187). Following a much more hawkish than expected Fed yesterday, the market is taking this opportunity to take profits on a relief pull-back after what was basically a non-stop rise...
NASDAQ Weekly
Price Chart
After forming a double bottom in late 2022 the NASDAQ bounced and has melted up from its lows approximately 48% confirming that it was more than just a bear market rally. Most recently the NASDAQ has run into resistance (Light Red Box) and has descended roughly 3% past a minor trend line on the daily chart (not shown). Shorter term...
Nasdaq has been pulling back since the June 16th High, which was a HH on the Channel Up pattern, but this sequence isn't yet completed. The 1D time frame remains technically bullish (RSI = 62.049, MACD = 275.090, ADX = 32.676) but the price hasn't yet reached neither the bottom of the Channel Up nor the 4H MA50.
We remain short targeting that level (TP = 14,600)...
Nasdaq reached the R1 (15,300) last week, a highly important benchmark as it is the March 2022 Top. Being overbought on the 1D timeframe (RSI = 71.117, MACD = 398.240, ADX = 42.100), the current correction comes as a natural consequence. The target is the bottom of the three month Channel Up. Ideally we aim at the 4H MA200 (TP = 14,600), which has been previously...
Nasdaq got rejected exactly upon touching the 15285 Resistance for the first time since the High of March 29th 2022.
This is a strong sell signal and can be confirmed after the RSI (1d) crosses under the MA line.
The long term pattern is a Channel Up since the beginning of March and the MA50 (1d) has been intact since March 15th, which makes the index exceedingly...
Nasdaq / US100 is approaching today Resistance A (15280), which is the High of March 2022.
The pace of the rally since the start of the year has been so strong, in fact since the week of April 24th the index has posted only green weekly candles (8 today), that the 1week RSI reached a level (76.75) it last hit almost 2 years ago (on August 24th 2020).
In the last...
Nasdaq is having an enormous rally since last December and the Double Bottom, with even the 1W time frame turning massively overbought (RSI = 74.522, MACD = 645.290, ADX = 53.716). The Double Bottom was formed on the Zone of the All Time High before the COVID crash. The market has filled a massive gap and this is why it has been rising so aggressively since the...
Nasdaq is having a standard technical pull back turning the 4H time frame neutral (RSI = 52.452, MACD = -2.890, ADX = 30.912) but the 1D remains bullish as since March 13th, the index has been trading inside a Channel Up pattern.
As the chart shows, every crossing under the 4H MA50 has been a buy signal (2 times) unless when the 4H MA100 broke as well, in which...
Nasdaq has turned the Channel Up into a Rising Wedge on the 4H time frame with technicals healthy bullish (RSI = 60.461, MACD = 23.460, ADX = 25.411). The current rebound is on the 4H MA50 and every pullback is a buy opportunity, targeting the top of the Rising Wedge (TP = 13,450). If it closes under the 4H MA200, we will add a second buy, targeting the top of the...
