We notice that we are entering a correction and there is a lack of selling momentum and we wait until we see if it will weaken as a correction for the downside or a change in the trend and there is a divergence
SUMMARY
NQ finished the week with a gain of 3.6% after trading in a range of 648 pts.
NQ recovered the June 16th high & is trading back above the 9/21/55 emas
First support is now the June 16th high and 9 ema
Price is still above the HTF 618 Fib and Aug 16th high
Aggressive XLK & XLY sectors had as strong week while the defensive XLP & XLU sectors...
US yields are coming higher once again and looks like new high can show up soon, and this is something that is drving the USD higher. Even stocks are coming down this morning, cannot handle the USD strenght anymore so it appears that we ahve some risk-off flows at the moment which can last a few more sessions.
The elliott wave A-B-C rally on SP500, NASDAQ100 and...
Dollar is pushing up and indexes have begun to move inverse.
So it looks like the third wave is on.
This is where we'll find out lot more about if this bearish trend has legs.
Considering that dollar may have legs to move on up to the retracement Golden Window, then indexes may have a significant slump.
Unless there is a fast recovery it does look like it...
We maintain the same outlook. Bullish structure in 5 impulsive waves. After the completion of wave 4 correction, the market is expected to resume its upward to complete the 5th wave of the same degree.
Rounded top pattern breakout and retest neckline
hope down movement will continue by this pattern
Based on Thomas Bulkonski book
this pattern have 60% to reach target
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 114/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : B
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
The last ten days of price action produced a retrace of significant magnitude that was very kind to institutional friends who were net long from early June.
That is to say, what has transpired since all three indexes took their January of 22 failure pivot levels in early July has been more consistent with an optimal short entry combining with a bull trap,...
With the ISM service PMI report NQ will flash crash next 2 hours.
1- Risk/Reward of 2.6
2-Short position supported by fundamentals news.
3-short position supported by technical key level (potential breakout).
NQ Futures 4-hour TA chart
You can see NQ broke the 60 RSI level and had a drive of hidden divergence.
Looking for NQ to test the overbought level again.
Then a big move to the yellow support or if it breaks the overbought level watch out.
15420 was a great level yesterday for a long entry. Watch that level.
