Weakness in Bullish momentum. Did we see the top for Nasdaq?Lets look at CAPITALCOM:DXY
Currently with a Bullish structure and slow build up Long.
Seems it is attempting to reach that Monthly Area low.
Bullish Dollar=Bearish Equities....Right?
Well this has not been the case these particular past couple of weeks.
We have not seen with clarity the inverse correlation between DXY and Equities. In fact everything has been manipulated up.
Yes! I wrote manipulated do not get hung up on the word.
Back to Indices.
CME_MINI:NQ1!
CME_MINI:ES1!
CBOT_MINI:YM1!
These have a strong Bullish structure. NQ is showing signs of repricing with this pullback.
-Is it sufficient to slow down current Bullish momentum?
-Is NQ leading the indices in a reversal?
These are all valid questions, yet we do not have enough data to validate either or.
Bearish Equities seasonality could have kicked in.
This is the week of confirmation or at the very least for price to provide some sort of hint.
My targets for NQ providing price action confirms it are either a repricing to 17107.25 or a break of Highs.
-If we take out lows first then I would expect price to rally once again and make another attempt at Highs.
-An attempt at highs at the beginning of the week will look favorable for the Bears salivating over the Volume Void right at 17107.25
Here is a view of Weekly Charts for:
ES
YM
NQ