NQ1! NAS100 NASDAQ 2023 APR 17 WEEK
12950 was supporting the market well despite increase
in distribution effort. Market participation was low though, and
shortening of thrust from high to high observed = waning
upward momentum.
Possible scenarios:
1) Market stuck in a 250pt range, wait till supply/demand is resolved
Then:
2) Breakout of upper boundary to test 13740 = long at support of upper boundary of range
3) Breakdown of lower boundary of range = Short on rejection of 12950
Volume Analysis:
Weekly = Ave vol narrow spread up bar close off high = Minor weakness
Daily: Higher vol narrow spread down bar close away from low = minor demand
Price reaction levels:
Short on Test and Reject | Long on Test and Accept
14361 13740 13550 - 13740
12950 10710 - 11068
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Have a profitable trading week ahead.
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