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$NQ1! Nasdaq Futures. Close to supportNasdaq futures is close to the upward sloping support line dating back to Nov 2020. We are not there yet, but I suspect a little bounce off this level. Sentiment seems to becoming more negative by the day, and if support on this trendline does not hold, another 5% downside potential is on the table. I would be careful into being lured into exposing myself too much on the long side with the expected bounce. My expectation is that a very hot tech market could unwind a bit in coming weeks/months. Trend line support is key and something to keep an eye on.
CME_MINI:NQ1!
by KoosKanmar
2
Nasdaq Falls on Mounting Inflation Fears The Nasdaq composite took a sharp dive yesterday as tech stocks continue to reel from growing inflation fears. The newly developing downtrend is likely to probe even lower in the near future as the global recovery heats up. This downtrend is emerging from the Double Top pattern just above the psychologically significant resistance level at 14000.00. Moreover, the breakdown occurred from an Ascending Wedge pattern, making it an even more prominent bearish movement. The price action went on to break down below the resistance-turned-support level at 13550.00, which represents yet another major bearish indication. Notice that the initial breakdown (below the Wedge) was held back by the 100-day MA (in blue). Afterwards, the price action established a throwback to the lower end of the Wedge from below. Once the downturn was renewed, the price action penetrated below 13550.00 and is currently testing the 200-day MA (in orange). This floating support represents the last potential turning point for the downtrend, making it a last resort for the bulls. Unless a major rebound takes place immediately, the price of the Nasdaq may fall as low as the next major support at 12800.00, or even the 23.6 per cent Fibonacci retracement level at 12284.99, before the IXIC finds the necessary support. At present, there doesn't seem to be any potential catalyst in sight that could prompt such a rebound.
NASDAQ:IXICShort
by Trendsharks
NG1! Nasdaq futures. What's next ?The Nasdaq has been selling off in the last couple of trading sessions. On the Friday trading session it did however put in a stellar performance to cap what looked like a potential big down day. That initial move on Friday triggered many trailing stops and stop losses (I was stopped out of one of my holdings for instance), and buying pressure followed clearing the way for a bullish looking candle right on the neckline of a head and shoulder formation (bearish). Although Nasdaq futures are currently trading down, previous experience has told me not to underestimate the power of a fake move (like the Friday move) right in the center of a decision point like a neckline. These moves can trigger a strong squeeze action on short positions (or long), so much so that the initial bearish pattern( head and shoulders) falls apart completely. Caution is advised on big new positions at this point and I suggest to sit tight for at least 2-3 days to establish if the up trend or downtrend will continue.
CME_MINI:NQ1!
by KoosKanmar
BTCD ANALYSIS / PREDICTION - RALLY vs ALT SZNImportant to keep an eye on Bitcoin Dominance. Alts have been doing great while it's trended lower, but now it's reached the bottom of a macro ascending triangle and looking for support. I've outlined 2 possible scenarios. One - BTCD rallies and continues to range in the pattern. Bullish for BTC, Bearish for Alts. 2. BTCD rolls over, and Altcoin season ensues. Indicators on the 1D TF seem pretty bullish for BTC, at least in the short term, but we'll have to wait and see how it all plays out. I don't think this bull run is over, but you have to shift focus from BTC to alts and vis-versa and keep an eye on BTCD and TOTAL2 market indices so you don't buy or sell at the wrong time. happy trades CD
CRYPTOCAP:BTC.D
by cryptodonovan
6
Dow Jones Industrial Average Index feedChances of Downtrend: Price drop from resistance forming Inverse Cup and handle Rising wedge reacting to lower resistance with MACD conforming, momentary downtrend, which has a high chance of breaking through weak support. Chances of Uptrend: Possible chance of a bullish rectangular pattern forming Possible change in stocks Possible news release RSI may react with a potential buy signal Conclusion: Have a Sell stop order ready for below support, close at a suitable position.
CAPITALCOM:US30Short
by areshkhayatidaryan29052002