Yesterday we dropped 200 points on the Nasdaq 100 futures an...
Yesterday we dropped 200 points on the Nasdaq 100 futures and covered it all back up by market open. Is that bullish or bearish? Only you can decide that.
Bears were in control the entire Monday but they had problems pushing the indices back to the low of the day. In fact bulls were defending it everytime it went down.
With a bearish close at EOW, we were supposed to have a follow through on the following Monday. But instead we closed flat on $S&P 500 Index (.SPX.US)$ and slightly green on the $NASDAQ 100 Index (.NDX.US)$. In fact the futures were green on $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$.
Today we had a retest on my trendline and support and it is holding so far on the $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$
As long as this holds, we are going up to retest 14050. If the bulls manage to take out 14050 as a resistance and turn it into a support, we will march higher as that is the pivot for the week. There are several targets overhead but I will update as we get closer to each one.
I'm still leaning bullish on the short term and bearish on long term. Base on my analysis, we are about to get a face ripping rally first before we can go lower.
Everything is pointing to it. $XAU/USD (XAUUSD.CFD)$, $Crude Oil Futures(DEC4) (CLmain.US)$, $VIX Index Futures(NOV4) (VXmain.US)$, $Cboe Interest Rate 10 Year T Note (.TNX.US)$ and the $USD (USDindex.FX)$.
All these mentioned has bearish divergences and look way overly exhausted on the buy side and is going to roll over either for good or to cooldown before a next leg up. Which will help the indices push up further in the short term period.
Everything is pointing to it. $XAU/USD (XAUUSD.CFD)$, $Crude Oil Futures(DEC4) (CLmain.US)$, $VIX Index Futures(NOV4) (VXmain.US)$, $Cboe Interest Rate 10 Year T Note (.TNX.US)$ and the $USD (USDindex.FX)$.
All these mentioned has bearish divergences and look way overly exhausted on the buy side and is going to roll over either for good or to cooldown before a next leg up. Which will help the indices push up further in the short term period.
Stocks tagged in the video below also have their technical analysis all done to show you the potential points if you are looking to close shorts or enter long trades.
As always trade safe and invest wise!
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lucif32 : To the moon!
Investing 101 OP lucif32 : lol. if we can reach the sky im happy enough. then we will see whether the rocket has fuel to even get to the moon
dwarrior : Let see if Fed can move the market today. 75 basis point. Sure or not. Lol
dwarrior : Just to check, forget if I asked before. MooMoo indicators got MFI?
Investing 101 OP dwarrior : yes have.
W Chiang : SQQQ to the moon!
N3sh5ta : @Investing 101 spot on!![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
dwarrior : Only see how high it will go….14100, 14300, 14700 (max)
RonaIdo W Chiang : Today and probably tmr is Tqqq and Soxl
Investing 101 OP N3sh5ta : no we were not spot on. we were a little early. 2 weeks early in fact.
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