I think this pops back up when ES gets oversold, which means more whipsaw. I might opt to take a week off here...
Jan 2020 was 'overvalued' already in Jan 2020 lenses. Sector rotation to cause dump due to the catch-up trade in value stocks. Will cause overreaction and overcorrection, which means it's a good opportunity to buy then. Case for NQ to gain 0% in 2020. Good entry point.
Contract - CME_MINI:NQZ2020 - High - 11912.50 - Low - 11881.00 Current Stats - Gap: = N/A - Session Open ATR: 318.07 - Volume: 40k - Trend Grade: Neutral Key Levels (Rounded - Think of these as a range) - Long: 12440 - Short: 10950 Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting....
Pretty technical so far. False breakdown below $11.2k right before the election to tap the bottom of the triangle. Then ripped straight to the top of the triangle & finished the run with a blow off top/false breakout above the triangle which sent it back to support at $11.6k where it bounced. Probably has another 200 points left in this bounce to $12.1k if I had...
I think this is just a bounce and it heads lower when it gets overbought. Keep an eye on this today. Probably a down day tomorrow since Thursday is usually the weakest day of the week for the market. If tech goes down, it'll drag on S&P as well.
Mostly BULLISH outlook as of this moment. We have calculated key levels for Take profit on Buy positions as well as opportunities for near-future sell positions. ps. Check our previous 'Possible correction inbound' idea and how well the levels were supported
could we see a strengthening? or continue down to support?
The NASDAQ will have a monthly correction after the last 5 waves. The stock market will be dark at the end of this year, but the first quarter of next year will see a new light. I expect the low of January to be the last buy opportunity.
NASDAQ futures - NQ - It is in B wave correction after sharp decline post vaccine news. The drop was impulse cycle and it was finished. The correction is expected to be zigzag up or triangle like formation, which may go up to 11870-11985 zone, which would considered to good selling point for further down degree of C wave as labelled in the chart. Give thumbs up...
Contract - CME_MINI:NQZ2020 - High - 11654.75 - Low - 11584.00 Current Stats - Gap: = +0.07% - Session Open ATR: 316.37 - Volume: 42k - Trend Grade: Neutral Key Levels (Rounded - Think of these as a range) - Long: 12440 - Short: 10950 Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target...
since im a perma bear, this is a prediction when the bubble pops we will go to 200ma first, and than go back again in a deep RSI exactly like in last march thats more than 4000 points down stay safe
Could we see this H&S on the 4hr timeframe fill out? It's quite possible. Looking at ~11574 as the key level. If this is right, play the bounce long, then heavy short.
NQ - Did BIG Tech just Top for Months
MFI oversold, looks like we get a bounce here. The easy money shorting COVID stocks is done, flipped my puts.