NQ1! Will Go Higher From Support! Long!
Please, check our technical outlook for NQ1!.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 15297.25.
Taking into consideration the structure & trend analysis, I believe that the market will reach 16037.75 level soon.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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NQ1
NASDAQ Final pull back before a Higher High.Nasdaq hit Resistance A (15280) again and so far struggles to break it.
In accordance to three similar such patterns inside this year's Channel Up, the price may now pull back to a new 2 week low near the 1day MA50.
Buy this pull back and target 15500. The 4hour RSI holding its Rising Support, should favor this trade.
If the price closes under the 4hour MA50, sell and target the bottom of the long term Channel Up at 13800.
Previous chart:
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NQ1! NAS100USD NASDAQ 2023 JULY 04CME_MINI:NQ1! NQ1! NAS100USD NASDAQ 2023 JULY 04
On the daily chart, we see potential trend changing weakness lining up.
Market tested previous high, and stalling around the 14520 level.
Possible Scenarios:
1) Market continues to be marked up on low volume narrow spread up bars = long on retracement
2) Short on test and rejection of recent high / lower high
3) if market forms lower highs, prepare for short
Price Reaction Levels
Short on Test and reject | Long on Test and Accept
16646 15440 14850
14089 13350
*Longer term: 13350 needs to be supported for long trend to be intact.
Price/Volume/Trend Analysis:
Weekly: NTC ave vol up bar close toward high | Up trend
Daily: UT + Lower vol ND up bar = PTC weaknesses lining up.
*NTC = Non-Trend Changing | PTC: Potential Trend Changing
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Have a profitable trading week.
*For education purpose only.
NQ: Will there be a retrace?Price has remained absolutely unstoppable. We have exceeded the magnitude of the smallest Minute Impulse waves I could find, but we have not exceeded the magnitude of the largest. I think we should continue, and especially if we get a retrace to the .382. All things considered: NQ has not gone higher, we have enough waves of sufficient magnitude to have completed a 5 wave Minuette impulse for Minute ((iii)), & price is traveling along the expected patch, I think it is a fair possibility that we get a wave down lower than the previous retrace.
In the chart, I have updated the count, tightened it up, but overall, it is the same, in this area as "Second Look." The main count in color is projected based on our ((a)) of B, back in February/March this year. The sequence should follow the same as a Minute ((iv)). This count would also take us right into the area of the .382 of the presumed Minute Wave ((iii)) AND into the area of upper support. I would expect this to hold, if we get there, based on short covering, alone. The top support I added as a reference.
The alt count assumes we get OMH, like in ES, in which case, if not an irregular b, we would basically get the action we had over the past 2 weeks or so, followed by what is my main count, here. The alt count takes us into the 1.618 of the Minor ABC, whereas the main count takes us to new highs.
NQ1! Is a Head being formed? Technical analysis is hardly objective, every trader sees his/her brain imagination result. We can't see the future, period!
I often entertain different ideas for a mental gymnastic only. Full disclosure, as a day trader, I don't really care where the market would go. I tag along with a short term sentiment.
Anyway, while looking at this daily chart and relentless upside move for the first half of 2023, I can't help but entertain an idea of a head formation of a potential H&S. Every trend ends up with a consolidation which is a head of a potential H&S or inverse H&S. A breach of the outlined area to upside would invalidate that idea. A breach of R1 would confirm it.
07/03/23
NQ1! Supply Demand Levels 6/29-6/30We are in an interesting place on the 1HR timeframe. We can see a large range after breaking from the bullflag/cup and handle pattern; the area we are fluctuating between is 15200ish to 15020ish. Heading into July 4 weekend, so it is the last full trading day with volume. As we have short days for the holiday, the real next trading session with full volume is 7/5 Wednesday.
Although I would love to see a breakout of this area, I have my EOW targets still in sight as I mentioned in my previous posts on Trading View. But staying very open minded to what may happen when NY session comes around with no rush or expectations.
Link to my chart: www.tradingview.com
NASDAQ: Hasn't yet completed its technical pullback.Nasdaq has been pulling back since the June 16th High, which was a HH on the Channel Up pattern, but this sequence isn't yet completed. The 1D time frame remains technically bullish (RSI = 62.049, MACD = 275.090, ADX = 32.676) but the price hasn't yet reached neither the bottom of the Channel Up nor the 4H MA50.
We remain short targeting that level (TP = 14,600) where we will turn bullish again (TP = 15,250) unless the 1D candle closes under the 4H MA50, in which scenario we will re-sell and target the 1D MA50 (TP = 14,300).
The 1D RSI however made a hit and rebound on the HL trendline that is in effect since December 28th 2022, so it is possible to see a rebound without going lower, so in that case only buy after the R1 breaks and target the R2 (16,000).
Prior idea:
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NQ1! Supply Demand Levels 6/28-6/29We broke from our bull flag/cup and handle on the 4HR timeframe. Looking for a possible continuation into 15268-15300 zone as BULLS target. We had our pull back this morning during NY session to retest the flag breakout. If we do another retest and back into the downtrend, BEARS target is 14925-14970 gap. Powell speech is on at 2:30am EST 6/29. This may help with further momentum like it did today for my intraday targets.
NASDAQ Two sell opportunities and a common buyNasdaq hit the MA50 (4h) today and crossed over the short term Channel Down as well, but the candle closed back inside the Channel and under the MA50.
This is a sell indication and unless it closes above it, we expect a test of the MA200 (4h) given the fact that the MA100 is already broken.
Trading Plan:
1. Sell on the current market price or at Resistance (1).
2. Buy on the MA200 (4h).
Targets:
1. 14550 and 14600 respectively (hit on the MA200 4h).
2. 15285 (Resistance 2 and Highs of March 29th 2022 and more recently June 16th 2023).
Tips:
1. The RSI (4h) is on a Rising Support, indicating a Bullish Divergence in contrast to the price's Channel Down. Attention is needed as this may indicate a bullish reversal for the index, so careful with shorting above Resistance 1.
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Notes:
Past trading plan:
𝗡𝗮𝘀𝗱𝗮𝗾 𝗨𝗽𝗱𝗮𝘁𝗲: $QQQ Daily. Red flag 🚩 for bearsHolding mid-bolli after an ugly candle yesterday. Red flag 🚩 for bears ATM. Another push higher for a final wave to put divergence in before a real pullback? What do you think?
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