Nasdaq100 (NQ) Weekly Doji Near Weekly Chart Downchannel Resistance
S&P500 (ES) Weekly/Daily/4hr
Nasdaq100 (NQH23) is consolidating Friday’s bounce, hesitating as seen by the weekly Doji forming just above the psychologically key 12k whole figure level. Any break above the 4hr chart downchannel resistance this week will likely coincide with a retest of triangle resistance (on the daily chart). Nevertheless, odds remain only moderate for now for break in March above the weekly chart downchannel resistance. A lower March high versus the February high would keep the 2022 bear in play. A further short squeeze may trigger following US Fed Chair Powell’s comments today at 10am EST, Wednesday after the US ADP non-farm employment change, Powell testimony and US JOLTS job openings and Friday with the highly anticipated US Non-Farm Payrolls (NFP). The escalation in the Ukraine-Russia conflict deserves close monitoring. Congratulations to paying subscribers who benefited from the Oct 18, 2022 analysis highlighting the early stages of a month plus Dead Cat Bounce, the Jan 18, 2022 warning of the NQ keeling over on a monthly chart, the alert February 18th, 2020 one day before the record high in the S&P500, warning of a pending slide in the Nasdaq100 and from the March 24th, 2020 report highlighting the looming multiday to multiweek rebound in NQ. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to enter 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 for analysis on S&P500, NATURAL GAS
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
