NAS100: Nasdaq 100 Bull Flag - Still Positive Near Term
Nasdaq 100 Index
This went OK yesterday but could still have been better - the long from 7220 went well up to 7297-7310 and then there was a second long from 7310 which is currently up 75 odd points.
As with the S&P this is making a small flag centred around the 7377 line.
Might as well stay with it for now, raising the stop to 7367.
It has to break back below here to think about a near term scalp back to 7310.
Upside first target is 7446-7450 where it should pause and consolidate some. Has to break 7450 for futher near term strength to 7479 -7518 range.
Looking to stay long for now but will be taking profits on one third at 7446 and raising the stop high under this level (at 7435) with a further third and leaving rest of position with a stop under 7370.
The flag carries with it an upsdie measurement impication of 170 points - that's 7555.
Maybe we'll see that - it's along way though. Hence the stops and trade set-up above.
August 2nd Update 14:27Bst 09:27Est
Nasdaq 100 Index Update
We got stopped out of the long at 7269 for a 45 or so point profit. Since then Nasdaq has fallen away further still and is currently trapped under the 7220 line and trying to escape bear clutches as the market opens.
The mood is still tense and we need to beware whipsaw yet again on the open.
It's in an untradeable spot right now though.
Has to break above 7225 here to risk following long with stops below 7200 for a counter rally higher to 7282-7297 range.
And on the downside the first support is the lower parallel with more support still at 7179 and then 'last-gasp' support at 7158.
Any break below here is likely to tip this index further into bear territory and force it lower to 7131 and then 7080 at least and more probably back to 7000 level where it should begin to find support again.
2nd August 15:25Bst 10:25 Est
Nasdaq 100
Upside target in sight now - it's a little overbought. Take profits on at least half the position if not all. Has to break above 7310 to follow long again or add if you only close half now.
Raise stop on the rest to 7279.
* For Nasdaq updates in real-time over the summer please see link at top-left of main page.
This went OK yesterday but could still have been better - the long from 7220 went well up to 7297-7310 and then there was a second long from 7310 which is currently up 75 odd points.
As with the S&P this is making a small flag centred around the 7377 line.
Might as well stay with it for now, raising the stop to 7367.
It has to break back below here to think about a near term scalp back to 7310.
Upside first target is 7446-7450 where it should pause and consolidate some. Has to break 7450 for futher near term strength to 7479 -7518 range.
Looking to stay long for now but will be taking profits on one third at 7446 and raising the stop high under this level (at 7435) with a further third and leaving rest of position with a stop under 7370.
The flag carries with it an upsdie measurement impication of 170 points - that's 7555.
Maybe we'll see that - it's along way though. Hence the stops and trade set-up above.
August 2nd Update 14:27Bst 09:27Est
Nasdaq 100 Index Update
We got stopped out of the long at 7269 for a 45 or so point profit. Since then Nasdaq has fallen away further still and is currently trapped under the 7220 line and trying to escape bear clutches as the market opens.
The mood is still tense and we need to beware whipsaw yet again on the open.
It's in an untradeable spot right now though.
Has to break above 7225 here to risk following long with stops below 7200 for a counter rally higher to 7282-7297 range.
And on the downside the first support is the lower parallel with more support still at 7179 and then 'last-gasp' support at 7158.
Any break below here is likely to tip this index further into bear territory and force it lower to 7131 and then 7080 at least and more probably back to 7000 level where it should begin to find support again.
2nd August 15:25Bst 10:25 Est
Nasdaq 100
Upside target in sight now - it's a little overbought. Take profits on at least half the position if not all. Has to break above 7310 to follow long again or add if you only close half now.
Raise stop on the rest to 7279.
* For Nasdaq updates in real-time over the summer please see link at top-left of main page.
Little spikes showing on 30 minute chart right above the next resistance line. And had only just drawn it in for the last update on Tv a few minutes ago. Sheesh. Behind the curve again. Too many markets ! Like going out with 12 girlfriends at same time on same night. So many great looking gals to choose from - so little time...
Anyway too late now...think this is a sell off back to the top of the upper parallel of the flag before it moves higher later.
Stops on longs need to stay under here at highest and under the lower parallel by 10 points at lowest.
Plan B
If wrong we also need to be prepared for that too.
Should the lower parallel of the flag fail at any point the long game is up for a while - if so look to reverse short back to 7310-7297 range with stops above the 7371 level.