Nasdaq - All Time HighsHello Traders, welcome to today's analysis of Nasdaq.
I will only take a trade if all the rules of my strategy are satisfied.
Let me know in the comment section below if you have any questions.
Keep your long term vision.
Indices
US Indices: Possible Short AreasI'm looking for a short across the US stock market. Possible market alignment on marked s/r zones. Not a bad idea to check DXY too before opening a position.
Tasi - CONSUMER SVC INDEX - Bearish Signs Show some weak signs:
1- Double top
2- Traingle after strong down move
There is no sign yet for price to go up RSI under 50 and RSI MA, if price continue down
target will be:
TP1: 200 MA
TP2: 4257 level
NASDAQ: Channel Up soon to test the ATH.Nasdaq is almost overbought again on the 1D technical outlook (RSI = 69.937, MACD = 245.100, ADX = 36.889) but that shouldn't affect it much as it is trading on the lower band of the November Channel Up. Leg 1 of the bullish sequence that made the Nov 15th HH extended to the 2.382 Fibonacci level. As the 1D RSI is identical to that Leg and shows that we are roughly halfway there, we remain bullish aiming again at the 2.382 Fib extension (TP = 16,840) which is marginally over the All Time High of 16,780.
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US30 Daily Projection In daily time frame price going retest the major support area . If price reject this zone and close above then buying favorable.
S&P500 Potential UpsidesHey Traders, in tomorrow's trading session we are monitoring US500 for a buying opportunity around 4570 zone, US500 is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 4570 support and resistance area.
Trade safe, Joe.
S&P 500 Daily Chart Analysis For Week of Dec 8, 2023Technical Analysis and Outlook:
Throughout the course of this week's trading session, the index remained relatively stable using our strong Mean Sup 4546 as a strategic price platform, notwithstanding moderate gains leading toward the Key Resistance of 4639 and Inner Index Rally of 4647. Moreover, the Inner Index Rally 4647 indicates a strong bullish trend for traders and investors to ponder. Once the market reaches the target price, the resulting squeeze could be substantial and chaotic. As a result, traders and investors should be cautious and attentive during this price action period.
S&P500: Ascending Triangle trading plan.S&P500 is trading inside an Ascending Triangle pattern with the price over the July 27th Top (R1) and bullish on the 4H technical outlook (RSI = 63.128MACD = 5.390, ADX = 23.122). Until the HH and more importantly the R2 level break, we will be bearish, targeting the S1 (TP = 4,550). Below the S1, the 4H MA200 is the target (TP = 4,480). If the price crosses over the R2 level, be ready for an end of year rally to the January 12th 2022 Top (TP = 4,749.50).
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NAS100 TECHNICAL FORECASTHere I explain my forecast for Nas100,:
For short position I will be looking for break of the support and a clear retest and find entry, and my target for short position will be 15560.0 level.
For Long position , I am more interested on how market will react on the current support level, taking into consideration momentum, price action patterns and rejections I will be looking to buy the market at the support, using the basic law of trading which says " buy low and sell High" right now we are low at the support leve1.
NASDAQ Potential UpsidesHey Traders, in today's trading session we are monitoring NAS100 for a buying opportunity around 15970 zone, NASDAQ was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 15970 support and resistance zone.
Trade safe, Joe.
DOW JONES Sell signal at the top of the 1 year Channel UpDow Jones hit the top of the 1 year Channel Up, achieving an unprecedented High of overbought conditions on the 1D timeframe (RSI = 75.323, MACD = 557.860, ADX = 77.014). The first signs of exhaustion are given by the Stock RSI, which is pulling back. So far this can only be a short term sell signal so we are only aiming for the minimum retrace of the 0.236 Fibonacci level (TP = 35,550). Beyond that we need to see a closing under it in order to make an extension to the 1D MA50 (technically) but that would negate a seasonal Christmas rally. So for now take we keep only a short term horizon.
See how our prior idea has worked:
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S&P500 Potential Continuation to the upsidesHey Traders, in today's trading session we are monitoring US500 for a buying opportunity around 4540 zone, US500 is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 4540 support and resistance area.
Trade safe, Joe.
NASDAQ: Healthy pullback serving as end of year rally vessel.Nasdaq is pulling back today after the 1D MACD formed a Bearish Cross and the 1D technical outlook turned neutral (RSI = 54.419, MACD = 183.360, ADX = 45.724). This has so far achieved at offsetting the previous overbought condition on the chart. Technically it can be a HH rejection on a newly emerging Channel Up. This can serve as a buy opportunity either on the S1 level or if it is extended on the S2 and the 1D MA50 for the end of year rally. Our target is the ATH (TP = 16,775).
See how our prior idea has worked:
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US30USD ShortThe price is on a ranging mode, as indicated in the chart and we will wait until the index shows an opportunity in trading.
Meanwhile, my perspective as for now is that the price might fill in the imbalances caused by the bullish market earlier on and my target would be 35960
DXY Potential DownsidesHey Traders, in tomorrow's trading session we are monitoring DXY for a selling opportunity around 103.700 zone, DXY is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 103.700 support and resistance area.
Trade safe, Joe.
S&P 500 Daily Chart Analysis For Week of Dec 1, 2023Technical Analysis and Outlook:
The Spooz index in this week's trading session retested our completed Inner Index Rally 4590 of July 27, 2023, and is moving higher, targeting the Key Res 4630 and Inner Index Rally 4647, respectively.
Once the market successfully achieves this target price, the follow-up squeeze will likely be significant and turbulent. Traders and investors should, therefore, be prudent and vigilant during this price action phase.
NASDAQ Potential UpsidesHey Traders, in the coming week we are monitoring NAS100 for a buying opportunity around 15900 zone, NASDAQ was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 15900 support and resistance area.
Trade safe, Joe.
S&P500: Trading plan towards the end of the yearS&P500 is overbought on its 1D technical outlook (RSI = 72.156, MACD = 58.110, ADX = 59.863), a logical outcome considering the aggressive nature of November's rally. This rally is the HL rebound on the bottom of the 1 year Channel Up and is more effectively understood with the help of the Fibonacci levels and ranges.
The price has been trading all week inside the 0.382 - 0.236 Fibonacci range, a band that kickstarted pullbacks on December 1st 2022 and February 2nd 2023. Both were accompanied by a 1D MACD Bearish Cross and pulled back below the 1D MA50 and the 0.618-0.786 Fibonacci Support Zone.
On the other hand when the June 15th 2023 rally crossed over the 0.236 Fibonacci level, the uptrend extended all the way to the top of the Channel Up.
Consequently we will buy if it crosses again over it and target the top (TP = 4,800) and sell if it crosses (and closes the 1D candle) under the 0.382 Fibonacci level and target the 0.618 Fib-1D MA50 band (TP = 4,410).
See how our prior idea has worked:
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DAX: Approaching the All Time High for a low risk short.DAX has turned vastly overbought on the 1D timeframe (RSI = 80.023, MACD = 247.400, ADX = 61.180) with the 1D RSI reaching the highest levels since April 5th 2021. It is fast approaching R2 (16,535) which is the index' All Time High, technically a low risk short opportunity. We are looking to take it on next week's opening and target the 1D MA200-0.382 Fibonacci band (TP = 15,800).
See how our prior idea has worked:
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BluetonaFX - SPX Forecast Ahead of Fed SpeechHi Traders!
SPX is trading near its five-month high at 4607.07, and with Fed Chair Powell speaking later, the market could reach this level by the end of the trading week.
Price Action 📊
After the break and close of the previous resistance at 4541.25, the market has refused to go back below this level for the time being, and an ascending price channel has started to form. This indicates that the bulls are currently in control. 4607.07 is the five-month high, and this is the next most likely target the longer we stay above 4541.25.
Fundamental Analysis 📰
Later today, we have Fed Chair Powell speaking; therefore, we must be wary of his speech as he will mostly likely speak about the US' inflation situation, interest rates, and plans for the economy leading up to 2024.
Support 📉
4541.25: PREVIOUS RESISTANCE BREAK
Resistance 📈
4607.07: FIVE-MONTH HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
RUSSELL 2000: Short term pullback possible but buy for 1910.Russell 2000 crossed again today overo the 1D MA200 and it remains to be seen if it succeeds at closing above it. After the November 15th crossing but failure to close over it, a repeat may materialize a pullback of at least -4.50%, in similar fashion as the 1D MA200 rejections of May 23rd 2023 and November 1st 2022.
Technically that's possible as on the greater picture, the index is still neutral on the 1W technical outlook (RSI = 50.610, MACD = -19.910, ADX = 34.284) sitting almost halfway of the giant consolidation/ Rectangle pattern of the past year and a half.
Consequently, we will welcome any pullback as a buy opportunity, but we are already bullish, aiming at the R1 level (TP = 1,910).
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NASDAQ Potential UpsidesHey Traders, in tomorrow's trading session we are monitoring NAS100 for a buying opportunity around 15900 zone, NASDAQ is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 15900 support and resistance area.
Trade safe, Joe.
