E-mini Nasdaq recovered from Thursday's selloff but is still not out of the bearish trend. The index will likely retest 11710, a major obstacle that saw multiple failed attempts in the past. The index will need to hold above 12000 to confirm a change of direction to the upside. 11710 and 12000 are critical levels to watch in next week's session.
The analysis is...
Four critical points highlighted on the daily chart could predict the future direction of the dollar.
113.58 has been a solid resistance level for more than two weeks and could be the breakout zone for the upside, with a potential target at 114.85.
The critical support zone at 111.52 for five consecutive days could give way if the price fails to hold.
Tesla(TSLA) fell below the H4 critical support curve at 235.42 in Friday's trades and closed below the previous support zone at 223.78, now a major resistance level to watch. Share price closed at 223.07 in Friday's trades, down 6.32%
NVIDIA(NVDA) has the same fate as Microsoft, with the same price structure and heading in a similar direction. Share prices were smashed in Friday's trades, down 8.03%, dropping to around previous lows and closing just above the major support zone at 119.58.
Microsoft(MSFT) dropped below the 240 support zone and wiped out the entire week's gains. Share price closed at 234 at the end of Friday's trades, down 5.09%. Critical support zone at 233. Share price hangs at previous lows and could continue south if it fails at the major support zone.
APPLE(AAPL) shares had little chance of breaking at the top of the price channel, considering the potential five-wave price structure in full action. Share price fell 3.67% on Friday's trades and closed at 140.09. Critical resistance estimates at 140.62, support at 137.17. Share price could continue to the bottom of the channel at 131.58 if it fails at previous lows
The US 10 YR Bonds Yield has struck a resistance point at 3.83% following a strong rally. It will need to hold above 3.83% to continue the current trend.
The 3.50% is a crucial support point; it could trigger a pullback and provide a relief rally for the stock market if it fails at this crucial level.
The attached chart reveals the major support zone where major pullbacks seem to find support since Jan 2022. The recent retreat has tested the same spot and has risen to around 26.62, a crucial point in next week's session to the upside. 31.52 and 34.66 are potential targets if the price holds above 26.62; if it fails, it will likely come down to retest 20.48...
QQQ - A potential reverse pattern to the downside combined with Elliot wave patterns. Price could fall to around 240-228
if it collapsed below 276. Current support is at 294. Bulls will attempt to defend this area to drive back to 312. Failure to hold at 294 will push the price down to 283 and 296 trading zone
I Missed a great bargain at around 620 support. The current support estimate is about 703; if it fails, we might see a retest of 687 and 661—critical resistance around 728, 770, and 795.
Tesla is in the top four components of the NASDAQ 100 Index and has a similar trend as the Index
US dollar makes its way back up after falling to 95.20
My estimate for the major level to the upside is around 96.14; holding above this point could increase the probability of moving up to the next level at the 96.60 targets. Support at 95.68 at the bottom of the price channel looks solid; however, we need to keep a close watch in case of a pullback.