Day Trade Market Condition mar 31, 2023this is mar 31, 2023 levels for NQ ES CL BTC
watch the table left side for trade, right side for trend
NASDAQ 100 E-MINI FUTURES
Nasdaq to see a higher correction?NASDAQ - 24h expiry - We look to Buy at 12677 (stop at 12577)
Traded to the highest level in 30 weeks.
There is no clear indication that the upward move is coming to an end.
An overnight negative theme in Equities has led to a lower open this morning.
Bespoke support is located at 12677.
12682 has been pivotal.
Our profit targets will be 12927 and 12977
Resistance: 13025 / 13200 / 13350
Support: 12677 / 12655 / 12513
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Is another bad earnings season upon us? In early February 2023, we outlined how earnings recession was becoming more apparent in the tech sector, with a myriad of companies reporting massive declines in net profit on a yearly basis for 2022. Now, with the upcoming earnings season for the first quarter of 2023, we do not expect the corporate figures to get any better. In fact, we anticipate further declines in corporate profits, more outlook downgrades, and higher operating costs for many tech companies. As a result, we think this season will bring more uncertainty into the market and fortify the notion of unraveling recession in the U.S. economy.
As for the short-term, we are unsure how much higher QQQ can go. Therefore we will pay close attention to the price action and volume. At the same time, we will observe QQQ’s ability to hold above the immediate support at $313.68. It will be bullish if it manages to stay above this level. However, a breakdown below it may indicate a reversal on the horizon; in such case, we will observe Support 1 at $310.08 and its ability to stop a price decline. Regarding the upside, we will watch Resistance 1 and Resistance 2 at $321.51 and $334.42.
Beyond these short-term and medium-term fluctuations, our outlook remains unchanged. With worsening data in the U.S. economy, we expect something to snap down the road, causing QQQ to revisit its 2022 lows. Our assessment comes from the fact that the market is currently pricing in multiple rate cuts by the end of 2023. However, we do not think the FED will be able to deliver them with persistently high inflation; as a matter of fact, even Jerome Powell dismissed any plans for rate cuts in 2023 during his last FOMC press conference. Moreover, as if it was not enough, the median forecast for the FED funds rate is still above the current rate, suggesting that interest rates should be higher than they are right now. Similarly worrying is FED’s unemployment forecast, which implies a recession since, historically, each 1% increase in unemployment was accompanied by one.
Illustration 1.01
The picture above shows the daily chart of QQQ. Red and green arrows depict the relationship between the price and volume. While the recent drop in volume might suggest a decline in selling pressure (after the selloff between February and March 2023), it can also indicate the evaporation of buyers near the current price levels. In general, declining volume and the rising price is questionable development. Therefore, we will keep an eye on this in the following days to get more clues about the whole picture.
Technical analysis gauge
Daily time frame = Bullish
Weekly time frame = Slightly bullish (weak trend)
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
NQM2023 3/30-3/31 S/D LEVELSInsane bullish momentum in the evening NY session. Had to find zones through NinjaTrader as Trading View was not displaying previous candles correctly/accurately... But I hope this helps!
Day Trade Market Condition mar 30, 2023this is mar 30, 2023 levels for NQ ES CL BTC
watch the table left side for trade, right side for trend
LONG NASDAQ 100 | Bullish on 1H TFNASDAQ 100 Bullish Trend Continuation
with Bullish Flag on 1H TF
Long at Break of Last HH
Placing Buy Stop Order
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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I guess the fed just gave us another bearish legand if not by much bulls can do is try to hold the daily move in a range. perhaps a retrace tomorrow. This just seems a very bad place to have this move and that huge wick over.
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.
Day Trade Market Condition mar 29, 2023this is mar 29, 2023 levels for NQ ES CL BTC
watch the table left side for trade, right side for trend
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
NQM2023 3/28-3/29 S/D LEVELS I realized I put the wrong headline for the charts earlier this morning. Nonetheless not much charting done for this session. This is what I am watching for tomorrow mornings session and possible fill to the downside and upside ✅ as we moved LOTS today!
NQ UpdateLooks bearish but remember EOD action does not dictate gap direction.
Not shorting anything because MFI is already oversold. Gonna wait to see if RSI goes oversold and play the bounce if it does.
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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NEW UPDATE* NQM2023 3/28-3/29 S/D LEVELSThis is after the FED meeting with Michael Barr. Interesting conversations said in that court room.
Played the quick volume fap fill to the downside, but now let's see the next possible moves. I hope these charts are helpful!
NQ 750 points down here we have a great opportunity to get a good entry with nq trade so let's grab this opportunity
