Nasdaq100 (NQ) Weekly/Daily/4hr

Nasdaq100 (NQH23) is consolidating after the strong short covering this week, taking a breather before it attempts an extension to descending wedge resistance (on the weekly chart) going into February.  NQ does not appear likely to slide back to the 2022 low before month end, with any test of the psychologically key 10k whole figure level and weekly chart descending wedge support likely deferring until at least mid February.  Further short covering may kick in as early as today 10am EST following the US preliminary UoM consumer sentiment data.  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 weekly and daily RSI, Stochastics 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 early February.  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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