The market is in the correction mode. The recent bear flag is intact. A new leg down is expected for the pattern to succeed.
Buyers need a motivation to create a strong moment to slice through 20 MA. The first test found responsive sellers.
The month end is approaching and the Memorial Holiday may lift the buyers spirit to make the move.
The sell side sees...
QQQ Weekly chart looks still bit weak. Friday's action saved it from meltdown. Thursday's bounce from long term trend line (more evident on NQ Futures) was big saver. Going forward, QQQ needs to close above 332 to push bears to sideline. If close below 322.80, would be big red flag as it may start weeks of downside action. Must hold trend line support in any...
After February pullback, again nq futures are flashing caution. If it can't hold 13755, possibly bounce from13730, 13650. If close below 13732, short term trend change. Close above 13900 is good sign. Trend line support at 13525. Other levels as marked.
Don't see lot of downside yet. Maybe bounce in overnight action clears today's red cloud. Also close of ES, YM and RTY indices futures so far look harmless. Let's see.
Short term Elliott wave in NASDAQ suggests that the cycle from March 05, 2021 low is unfolding as an impulse sequence. Up from March 05 low, the rally to $13287.25 high ended wave (1). Down from there, the pullback in wave (2) unfolded as a zigzag structure where wave A ended at $12681.75. Wave B bounce ended at $13172 high and wave C ended at $12609.42 low thus...
The market behaviour of NQ is creating an equivalency to the 2020 decline divided by a factor of 1.32. If this is indeed the case then we should have topped today and are heading to 11k.
The market is in a steady uptrend since November. It remains quite resilient. A few attempts to break the channel in either direction have failed. The recent rejection at the upper edge of the channel sent the price to retest the lower edge. A potential scenario is to establish a consolidation area and move out of the channel in horizontal direction. That would...
Another strong up yesterday. But on a bigger picture, price is just consolidating.
My bias zone at 12468.1-75.3. Possible bounce at this zone. 12508 and 12536.6 should possibly trade today (counter-trend). Looking for possible short to this level. Above R are 12624.7 and 12656.4 with 12723.4 possibly capping high of day.
Below 12468.1, lower levels are...
NQ is a short here. Sentiment is euphoric and price has broken down from the wedge. NQ follows a 27 day cycle from high to high and from low to low. We have fulfilled a high on the cycle date. Short from here. We are heading MUCH lower.
#NQ1! | Looks like a drop?
#NQ1! Candle of October just taking a simple #fibbonaci_extension at 127.20% looks like an interesting and potential drop.
Not yet confirmation but worth to look it carefully.
#NDX made ATH yesterday and came down. Difficult to call the tops. What I see we need to get higher and have a sharp rejection before we can have a change of trend, meaningful correction.
Price now 12441 within blue zone. If above, resistance are at 12545. 12631 should cap high of move, giving a low risk sell level.
Below 12431, look to sell to 12341-47 and...
Trend(Daily/Weekly/Monthly): Up/Up/Up
Late post today. Selling occured in Asian session but buying up now in European. Based on price action, price is still quite in an uptrend so tough to be bearish. We need another sudden sellling wave to come but momentum seemed to have slowed for now.
My blue bias zone is at 12177-87, which we are now still above it. H4 looks...
Rotation continues with #NDX below 12060-80 my key level, while #RUT continue to shine. Not sure when is the next rotation back but probably shorting #NDX is the safer short to do now.
My blue bias zone at 11910-22 strong level.
Bullish above, with resistance at 11940, 12018, 12068, 12110. If price hits 12210-20, it should offer low risk sell evel. 12068 will...
![NQ1!: Nasdaq Current Trend Analysis [5-24-21]](https://s3.tradingview.com/1/11spJaLW_mid.png "Nasdaq Current Trend Analysis [5-24-21]")
