Market Morning Update - Jobs MissAre the days of buying poor job numbers in the past? NAS is in a 5 min Bear Flag: rejecting the 8 EMA. The larger iH&S pattern on the 2 hour frame would be negated with a loss of 12667. Watching for a reaction at the .5 (black dashes) if we consolidate further on the news.
NAS
NAS - Head and Shoulders ConfirmedThe key area for the overnight session is the .618 of the Blue Channel. This area along with the .5 offer supports to set-up a higher low. The linear .382 will be an area of interest. The sharp reversal in Zoom as well as the breakout in RKT demonstrate a stock-pickers market. For each and every chart there is a bull case and a bear case, two sides, one direction, many time-frames, many interpretations, ways to win while being wrong and lose while being right. From time to time riding the wave.
NAS Cup & Handle13080 has been POC and support zone building for bulls toward the end of last week; and now again early this AM. The cup formation broke high and has stayed very even. 12950 is another local POC that I expect to be the bottom for a handle formation to remain intact this AM. I'm feeling hopeful for rocket at open to around 13350-13450 and support will start be built near there Mon. and Tues.
I'm not a professional, do your own DD. I'm holding 1.4k shares TQQQ around $92 avg . Not the greatest entry, but I'm in the green here and expecting more. I'll be watching closely in pre-market today to trim my position if it looks weak. Downside scenario, I wouldn't worry unless we break the 100D EMA around 12650.
NASDAQ Analysis Nasdaq analysis Daily/Weekly TF
Nasdaq is back at this very crucial point. where the price has come many times this year but failed to break. Will it break this time? You can see on the left hand side the weekly timeframe how many times it has come and touched or attempted to break but failed everytime. On the right hand side we have the daily timeframe we can see it is still a overall bullish trend. a failed break can probably make this bullish trend continue maybe taking us to new highs. One thing for sure when it moves it will move fast.
Morning Market Review - SPX and NASNAS and SPX both saw mini H&S patterns confirm during the overnight session. Both have Blue Channel resistance at .35/.382 which will be on top watch if we break bull. This would negate the bear flag NAS is in. There is a potential larger H&S on watch if the GME gains traction and dealer/funds begin to move assets to cover.
Major Markets - Echoes of Forgotten Patterns Seeing the H&S pattern repeat and confirm across timeframes gives me hope for simplicity in patterns moving forward. 2020 was the year of the Diamond, a fundamental yet challenging pattern to play. Now the Diamond's more predictable cousin the H&S is making a comeback.