NASDAQ Well on its way to reach 14000Nasdaq crossed over the 12950 Resistance today and is simply following the long term trading plan that we shared a few weeks ago (see bottom).
The Channel Up is intact, the 4hour Golden Cross has been formed as on January 18th and the rally now enters Phase 2 above the Resistance.
The 4hour RSI is also printing the same pattern as as late January.
Target intact at 14000.
Previous chart:
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NQ1
NQ UpdateI guess I should have bought yesterday when MFI was oversold. Got too cautious thinking RSI also needed to go oversold.
In any case, the algos are back to doing the pump and dump, bearish for tomorrow because FDAX is overbought. Not gonna short anything since NQ and ES are not overbought.
German CPI tomorrow, US CPE Friday. Basic gameplan is to go long any time MFI gets oversold on any index, not gonna short or chase anything. I can afford to be cautious since I made money last year and I'm up this year too, lol.
NASDAQ is Correcting - Don't Buy in Short Term
Technical Analysis:
- As you can see in the daily chart, in the very short term we've two possible paths - Path 1 and Path 2
- Today with actual data - the odds for Path 1 is 60% and the odds for Path 2 is 40%
- We expect to buy wave II in red completely around $8,000
Technical Analysis:
- H1 & H4 Right Side is Turning Down
NASDAQ: Just a pullback. Next target at 13,200.Despite the recent pull back, Nasdaq's 1D technicals (RSI = 56.406, MACD = 181.190, ADX = 32.325) remain bullish. The long term bullish trend is seen also on the 1W time frame where the RSI is also above 56.000. On this long term chart we can see that since the first test on R1 (12,900) on February 2nd, all MA periods have come to Support, even forming a 1D Golden Cross.
The main pattern is a Bullish Megaphone with the HH trend line defining well the Highs of October 5th, November 15th and February 2nd so far. This illustrates that the upside is significantly higher but we are happy for now to settle for the next gap fill on R2 (13,200).
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NASDAQ broke below the 4H MA50. Pull-back possible.Nasdaq (NDX) broke and closed a 4H candle below the 4H MA50 (blue trend-line) for the first time in 2 weeks. With the 4H RSI not having touched its Higher Lows trend-line yet, this is an indication that the index might pull-back some more towards the 4H MA200 (orange trend-line) - 1D MA50 (red trend-line) Support Cluster (even as low as the Symmetrical Support), before finding the new demand zone for buyers. We are buying this pull-back and target the bottom of Resistance Zone 1 at 12895. The Higher High extension though can be much greater, even as high as 13,200 on the long-term.
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US100 SELLHello NASDAQ Market. Strong resistance arrived. There is a high probability of going down. for correction. Although the index remains in a positive state with the gains it achieved before .Note: If you like this analysis, please give your opinion on it. in the comments. I will be happy to share ideas. Like and click to get free content. Thank you
NASDAQ 100 Futures short term goal The market is forming a triangle.
--> Wait for the nearest prior high or low to be taken off. And do a 100% symmetry projection to find the initial trade target.
If the price down breaks the triangle, the 1.0 projection will be taken from A to B, projected from E.
If the price up breaks the triangle, the 1.0 projection will be taken from B to C, projected from D.
And do notice the nearest prior low or high may not be D or E if the triangle continues.
**Not Financial Advice**
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.