Nasdaq100 (NQ) Just Above 2022 Low Ahead of NFP
Nasdaq100 (NQ) Weekly/Daily/4hr
Nasdaq100 (NQH23) is at elevated risk of a descending wedge extension (on the 4hr and weekly chart) in the next week. NQ appears less likely to bounce back by late January to descending wedge resistance (on the weekly chart) than it is to break in the same period below the 2022 low to wedge support. Watch for volatility today 830am EST with the highly anticipated US non-farm payrolls (NFP) and on the 10am EST release of the US ISM services PMI. Monitor as usual the Ukraine-Russia conflict. 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 downsloping weekly Stochastics and MACD are weighing on the bottomish daily RSI, Stochastics and MACD. I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Thursday. 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.