skypointmarkets

skypointmarkets

As predicted yesterday, NAS pulled back slightly from the prior days sell-off. Hopefully we see investors coming back into tech stocks bringing the price of NAS back up to the previous high at 13800-13830. Inflation concerns and higher yields could bring price further down in a bearish scenario. If price comes back down to support at 13095 then a double bottom may...

skypointmarkets

Yesterdays tech sell-off brought NAS100 down to the daily trendline where it is currently sitting. After a huge sell-off, we should see price pull back slightly and, given that we are on the daily trendline, I expect price will respect this area and come back up. If price does continue down I see it coming down to 12820-12800.

skypointmarkets

Today I'm looking for long positions at one of the following key areas: 13500-13484 being the main area we could see price reverse from. If price breaks below here then I will monitor price at 13440-13416. Further downside will bring price to the daily trendline providing an optimal area for a long position at 13340-13320. A break here brings price to 13158 or lower.

skypointmarkets

Expecting price to come back up to 13600-13610 to retest the trendline. Will wait for confirmation at that area before going long or short. A rejection here should take price down to 13480-13447 or further down. If price breaks above 13600-13610 then I will monitor price at the consolidation box for the next move. Initial jobless claims this afternoon could be a...

skypointmarkets

Yesterdays analysis played out perfectly - textbook break of consolidation. Today price should pull back slightly and hopefully retest the consolidation box before heading down further. The driving force behind the current bearish momentum is concerns over inflation and proposed capital gains tax increase. NFP on Friday could bring about a reversal. Hoping to see...

skypointmarkets

- SCALED IN FROM PREVIOUS ANALYSIS Looking for sells at 13900 or 13730 - 13700

skypointmarkets

Looking for a break of consolidation down, hopefully bringing price down to the daily trendline. However, we could see price move back up to the top of the box for a retest and break above.

skypointmarkets

Decided to try something new and go into a bit more detail relating to the analysis I posted this morning. On the 15m timeframe, we can see the 50MA acting as resistance and an ascending triangle. If price breaks above resistance here then I will enter long positions. A break below resistance and close below the previous low would substantiate my last analysis and...

skypointmarkets

Joe Biden's announcement for a proposed increase in capital gains tax caused an unexpected sell-off in the latter part of the NYSE session yesterday. It is reasonable to believe that the sell-off may intensify during todays NYSE session. I expect to see a fair amount of volatility and will definitely remain wary before taking trades today. If price breaks support...

skypointmarkets

Inverse head and shoulders forming. Could see more bullish momentum today as Tech sector in the US is up by over 1%. My bias is long at the moment and we could see new highs for NAS100 before close tomorrow.

skypointmarkets

Yesterdays analysis didn't go as planned but a break up above consolidation would have been a clear indication to go long. As Mark Douglas, author of 'Trading In The Zone', said: "anything can happen" and "every moment in the market is unique". Going with the flow of the market and changing your bias based on what the market is telling you is key. Here we see...

skypointmarkets

Since Monday, NAS hasn't made any major movements and has been somewhat consolidating. This could be an indication that the bull run is losing momentum and that price might reverse or retrace from this point. Here we can see that there might be a head & shoulders pattern forming, confirming our short position. Will look for confirmation at 13625 -13636

skypointmarkets

Looking for a short position to the 50 - 61.8% fib (32685 - 32545) which is sitting on the trendline. Will monitor price at this area which could give a good buying opportunity. A break of structure at this area would take price down to 32400. Target for this trade is 33600!

skypointmarkets

As we can see on the daily timeframe NAS100 in still in an uptrend. We are now entering what market analysts call a "post-covid market". Now obviously price would never reach the top of the trendline in such a smooth fashion but I do believe, from a fundamental stand point that price will make higher highs as the world returns to some form of normality. The reason...

skypointmarkets

Looking for price to come back down to retest 12870 at which point we will look for confirmation to enter a long position. Our target for this trade will be resistance at 13150 - 13200. A break above this level should take price to 13300 and potentially higher.

skypointmarkets

Yesterday was extremely choppy and it was difficult finding good trades. Today looks a lot more bullish as the NAS100 components are in the green. Yesterday price broke down and respected the 12794 level that I had on my chart. As we can see here price has reversed and formed a higher low (Right Shoulder). There is strong resistance at the 13270-13380 level so if...

skypointmarkets

Looking for an easy long position today. Price is coming down to the 78.60% fib level at 1730 which will be the perfect price at which to buy. If price breaks above the trendline then the fib extensions will be our targets; -27% at 1764 and -61.80% at 1775.

skypointmarkets

Hoping to see more upside today. Let's see if price retests the trendline and continues upwards.