2024-11-27 - priceactiontds - daily update - nasdaq
Good Evening and I hope you are well.
nasdaq e-mini futures
comment: Market tested the 50% retracement to the tick and reversed up. It also closed above the daily 20ema, so bulls remain in control but barely. Clear triangle on the daily chart and it has room for 1-2 more days but it could also break out big time tomorrow.
current market cycle: Bull trend but also nested triangle on the daily chart
key levels: 20500 - 21500
bull case: First target is a break above 2100 and we would likely see giving up by the bears then and no more resistance until 21340. If bulls fail here and the bull trend line from August breaks, market is free to crash down to 18000.
Invalidation is below 20500.
bear case: Bears need strong follow through selling below 20700 or we won’t see lower prices. 20850 is around the mid point of the triangle and my line in the sand for bears. If they manage to keep it below, we could test down to 20700 and maybe break below.
Invalidation is above 21000.
short term: Neutral. Either wait for a bigger breakout or play the range.
medium-long term: If we stay above 20500, will likely rally more into year end before a bigger correction.
current swing trade: Nope
trade of the day: Selling the US open. Market traded below the 2m 20ema for 240 points down.
nasdaq e-mini futures
comment: Market tested the 50% retracement to the tick and reversed up. It also closed above the daily 20ema, so bulls remain in control but barely. Clear triangle on the daily chart and it has room for 1-2 more days but it could also break out big time tomorrow.
current market cycle: Bull trend but also nested triangle on the daily chart
key levels: 20500 - 21500
bull case: First target is a break above 2100 and we would likely see giving up by the bears then and no more resistance until 21340. If bulls fail here and the bull trend line from August breaks, market is free to crash down to 18000.
Invalidation is below 20500.
bear case: Bears need strong follow through selling below 20700 or we won’t see lower prices. 20850 is around the mid point of the triangle and my line in the sand for bears. If they manage to keep it below, we could test down to 20700 and maybe break below.
Invalidation is above 21000.
short term: Neutral. Either wait for a bigger breakout or play the range.
medium-long term: If we stay above 20500, will likely rally more into year end before a bigger correction.
current swing trade: Nope
trade of the day: Selling the US open. Market traded below the 2m 20ema for 240 points down.
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