Analysis on the Weekend about Nasdaq 25.02.09
Hello, this is Greedy All-Day.
Today's analysis is on NASDAQ.
[Chart Link 1]
The market movement on Friday was an extension of Thursday's briefing.
As seen in the chart, a break below the ascending trendline triggered a short entry. From the entry point, both short-term trendlines were broken, leading to a correction. This movement resulted in a 310-point decline from the entry price, which could have yielded a profit of $6,200 per contract.
As mentioned since Wednesday, I emphasized that a breakout of the resistance trendline would not necessarily lead to a buying opportunity. Hence, I did not consider any long positions. If you check the black resistance trendline, although it broke out, the highs remained similar within the white box, eventually leading the trend downward.
This analysis led to avoiding long positions and instead confirming that the short entry achieved its target.
[Chart Link 2]
This is the NASDAQ viewed on the daily chart.
Currently, NASDAQ has closed below the 20-day moving average on a daily basis and is heading into the weekend without a clear directional bias.
Over the past two weeks, Monday’s trading sessions have opened with gap-downs, continuing the downward trend. Even when looking at the bigger picture on the daily chart, NASDAQ remains within the consolidation zone.
Conclusion
At present, NASDAQ is consolidating on the daily chart, and Friday's close to the downside makes it unsuitable for any premature long entries.
As for shorts, entering now would be risky, as the entry point is in the middle of the consolidation range, which could lead to being shaken out.
I plan to observe the market for a day or two and will proceed with the next briefing once a clearer entry perspective emerges.
Today's analysis is on NASDAQ.
[Chart Link 1]
The market movement on Friday was an extension of Thursday's briefing.
As seen in the chart, a break below the ascending trendline triggered a short entry. From the entry point, both short-term trendlines were broken, leading to a correction. This movement resulted in a 310-point decline from the entry price, which could have yielded a profit of $6,200 per contract.
As mentioned since Wednesday, I emphasized that a breakout of the resistance trendline would not necessarily lead to a buying opportunity. Hence, I did not consider any long positions. If you check the black resistance trendline, although it broke out, the highs remained similar within the white box, eventually leading the trend downward.
This analysis led to avoiding long positions and instead confirming that the short entry achieved its target.
[Chart Link 2]
This is the NASDAQ viewed on the daily chart.
Currently, NASDAQ has closed below the 20-day moving average on a daily basis and is heading into the weekend without a clear directional bias.
Over the past two weeks, Monday’s trading sessions have opened with gap-downs, continuing the downward trend. Even when looking at the bigger picture on the daily chart, NASDAQ remains within the consolidation zone.
Conclusion
At present, NASDAQ is consolidating on the daily chart, and Friday's close to the downside makes it unsuitable for any premature long entries.
As for shorts, entering now would be risky, as the entry point is in the middle of the consolidation range, which could lead to being shaken out.
I plan to observe the market for a day or two and will proceed with the next briefing once a clearer entry perspective emerges.
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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.
Related publications
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.