NQ1! NAS100USD NASDAQ 2023 AUG 07

2023-08-07

NQ1! NAS100USD NASDAQ 2023 AUG 07 $E-mini Nasdaq 100 - main 2309(NQmain)$

Last week, Short from 15904 resistance was good.
On weekly TF, market has closed below trend line.
Watch market's reaction to the trendline.

Possible Scenarios:
1) Short on retracement / rejection of 15511 level
2) Market does a spring and returns into rotation (grey box area), and target
can be 50% of rotation range, or trial to upper boundary of rotation

Price Reaction Levels
Short on Test and reject | Long on Test and Accept

16029 - 15904 15511 15118
*Longer term: 13350 needs to be supported for long trend to be intact.

Price/Volume/Trend Analysis:
Weekly: NTC Ave vol down bar, and bar also closed below weekly trendline
Daily: NTC ave vol down bar | Lower High
*NTC = Non-Trend Changing | PTC: Potential Trend Changing

Like and follow if you find this useful | *For education purpose only.
Have a profitable trading week.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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