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Nasdaq100 (NQ) Tiring Just Below Record, Key 13k Level


CFA, Founder Tradable Patterns

Nasdaq100 (NQ) Tiring Just Below Record, Key 13k Level

The Nasdaq100 (NQ) is trying to form its first red weekly candle of the year, tiring just below the daily chart upchannel resistance.  Significantly, NQ is vulnerable to retesting upchannel support (on the daily chart) in the next day or so, with any daily close below this upchannel support dramatically increasing the likelihood of a test of the weekly chart ascending wedge support in the several days that follow.  Before bears get excited, they’ll want to see a weekly close below the September high.  Congratulations to paying subscribers who profited from the February 18th analysis one day before the record high in the S&P500, warning of a pending slide in the Nasdaq100, and from the March 24th report highlighting the looming multi-day to multi-week rebound in NQMore recently on Oct 13th, Premium Readers were alerted of NQ’s fatigue.  The weekly and daily RSI, Stochastics and MACD are tiring.  I am flat after getting stopped yesterday and am looking at re-entering short in the red zone (of the daily chart), targeting the green zone for Monday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of Corn, Natural Gas

Sample of Content (below) Available to Free Subscribers (published Sep 1, 2020)

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