Updated

Weakness in Bullish momentum. Did we see the top for Nasdaq?

Lets look at

Currently with a Bullish structure and slow build up Long.
Seems it is attempting to reach that Monthly Area low.

Bullish Dollar=Bearish Equities....Right?

Well this has not been the case these particular past couple of weeks.
We have not seen with clarity the inverse correlation between DXY and Equities. In fact everything has been manipulated up.
Yes! I wrote manipulated do not get hung up on the word.

Back to Indices.

These have a strong Bullish structure. NQ is showing signs of repricing with this pullback.
-Is it sufficient to slow down current Bullish momentum?
-Is NQ leading the indices in a reversal?

These are all valid questions, yet we do not have enough data to validate either or.
Bearish Equities seasonality could have kicked in.
This is the week of confirmation or at the very least for price to provide some sort of hint.

My targets for NQ providing price action confirms it are either a repricing to 17107.25 or a break of Highs.
-If we take out lows first then I would expect price to rally once again and make another attempt at Highs.
-An attempt at highs at the beginning of the week will look favorable for the Bears salivating over the Volume Void right at 17107.25
Here is a view of Weekly Charts for:
ES

Note

This is why if you are undesided you stay away.
4H VAL we spoke about had plenty of juice left

Note

Now that we have closed below the 4H area that offered support will look for 17116 to pull price towards this area there is a small gap between the opening days and more often than not price seems to target this areas of interest

Note

Beautiful delivery
We have not reached our weekly low yet

Note

We have gravitated towards this ideas low price 17116
Expecting to see a bit of retracement pre market. A faint up and then the delivery of downside continuation we are expecting.

Note

Did not think this was possible
It goes to show that only Price action matters
that was a quick rebalance will watch to see if its business as ussuall

Note

A Beautiful sight

Note

Can the Bears defend?

Note

Perfect example of price momentum and in a higher time frame

Note

NFP what can happen?
With yesterdays post market push higher we could expect some of that sentiment to carry price slightly higher.
Why do I say slightly? We are unable to gauge at this point if that euphoric momentum will last.
Since price teleported right into a 4H of interest this will be the key level we will look at.
NFP could initially fake the upside. ??
Yes they could induce more frantic buying in order to then sell aiming for a far away low.
If we reach lower first we do have a couple of pivot points of interest where I would consider a buy with aims for a higher High.
Due to the increased and strong volatility it is best to reduce risk in this environment or avoid if possible. Tomorrow never dies neither does price action
17494 looks like a great reload point for the longs.

Just wait till NFP is done and 10 minutes after look for direction

Note

Ready for a High of Week on a Friday afternoon?

Note

Oh the suspense!

Note

This coming Monday Feb 5th does not have any impactful news.
Allow price to roam-meaning it could be an indecisive day be the spectator

Note

Waiting on Movement will update on Monday afternoon or Tuesday morning

Note

I will start looking at other setups this has the vague air of chop
Expecting price to range. Hope I am wrong
My involvement depends on range. I dislike small ranges and will just watch till I see different.

Note

17793 should go before anything else

Note

Well the range is set

Note

When they love the suspense this is what you get

Note

Looks like we are in for a brief correction.
I will add that this does not look like a top formation and we will revisit

Note

Correction denied for now
Aiming for High of week

Note

Incoming!!

Note

This is now ATH
The FOMO starts and so does the fun

Note

Wide open skies for now.
Do not get caught up trying to time the top, ride with momentum.
The trend is your friend!

Note

Bullish structure with a strong upside break
What more could you ask for...
wait maybe some consolidation before another leg?

A note ES has yet to reach its highs at 5028

Note

Bullish structure intact
Those that attempt to short this long term before a structure shift risk getting crushed.
I am expecting a brief pull back to this level and from there monitor price to determine what's next.

Note

Did I get too carried away with the depth of the rebalance. It might be so

Note

Clean upside continuation here

Note

We are closing with a bit of weakness but overall bullish
The structure is intact

Note

Stage is set

Note

Not a single reason to short this

Note

It is what it is till its not

Note

If you follow the flow you will be aright
The trend is your friend LOL

Note

Please remember that we have bullish weekly momentum
What this means is that you could see a retracement or a weekly low formed on Monday-Tuesday in order to give you a weekly high Wednesday-Thursday

Note

Do not fight momentum.
Follow Price Action

Note

Expected retracement Area 17971

Note

Keep eyes open for possible low of Day

Note

My target might have been a bit conservative

Note

A little deeper than expected
but as I noted above my idea is for a overall bullish week or the formation of a wick for the weekly candle.
This will set us up with a Bearish Monday-Tuesday in order to create a weekly high on Wednesday-Thursday

Note

As I wrote yesterday i was looking for:
"you could see a retracement or a weekly low formed on Monday-Tuesday in order to give you a weekly high Wednesday-Thursday"
Was not expecting such a deep retracement tho.
Unless we continue to push lower with strength we could still see the possibility of the expected weekly model.
Still the downside strength is undeniable. I would not recoment a short from here but wait for a retracement.

Note

We referenced the top of this Daily Gap earlier today
Going back with strength for another touch

Note

Looks like we have purged the downside and are within our Bearish Monday-Tuesday model

Note

Do not worry about the Highs...
They will be there when we get back

Note

I'm ready to start another thread same idea on NQ but fresh.
What do you think?
Leave a comment and a like.
Unless you want to keep all in one place.
Let me know?
--------------------------------------------
In the mean time are you ready?

Note

A quick retracement during news before we continue is acceptable

Note

Well...Well

Note

Do not get caught up in the short
it will be brief

Skies the limit

Note

Nothing to see...

Note

Hold on...
I told you not to worry about Highs for now

Note

The games we play...

Note

No repricing today straight pull...

Note

Oh I know you are tired of me but....
here we are

Note

Surprise

Note

Just WOW

Note

OK lets go downtown for a bit

Note

A great day to do something else....

Note

Accumulation after taking a major high is normal

Note

A bit of accumulation....
This was expected

Note

Price momentum carried price Higher on Monday. At least it kept within range.
Expecting price to attempt to take yesterdays highs.
Failure to hold this will result in a downside rebalancing-NOT A FLUSH!
If Mondays Highs are held then you can expect for prev highs to be next target.
I would still like to see some sort of rebalancing down at the beginning of week. Yet we have a few days remaining in Feb and price needs to deliver.

Note

Do we test lower band of range now?

Note

Allow price to go thru its motions

Note

Still in tight accumulation...Notice the Fair Value lower band (Ranges'Low)
How it is being respected

Note

Small Value area shift

Note

If you are impatient then do not even look at this...
Come back tomorrow

Note

We are still not done this is the last day of Feb the monthly profile needs to be completed

Note

We came up short in the attempt to reach for highs

Note

Well well we are up for another attempt

Note

NQ has closed the month of Feb and so will this thread

Trade closed: target reached

JP_Tru

DO YOUR OWN RESEARCH!!!

linktr.ee/tru.capital

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

JP_Tru

DO YOUR OWN RESEARCH!!!

linktr.ee/tru.capital

Also on: