NASDAQ 100 Futures for the week 2/21 to 2/14
The clear up trend and the symmetry of the prior swing pattern have been broken.
The resistance turned support so well. It’s possible to see another 100% extension as bulls’ target price.
However, considering what is shown in the previous point and the descending triangle that the market is forming now, I stay neutral at this moment.
Conclusion:
1. Long only if the market up breaks the descending triangle.
2. Short only if the market drops below the prior low.
3. What to do when the price is going between center line and prior low?
- The price would be under the center line, meaning the market is more bearish like.
- But the prior low has not been broken so the down trend has not been confirmed.
→ The direction is not clear, and the market is likely to go sideways. Or only enter short position.
**Not Financial Advice**
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.
