/NQ (Nasdaq 100 futures) remains above both yellow uptrend line (which aligns with the QQQ 60-min uptrend line) as well as the 8200 support level with a near-term sell signal pending a solid break below those levels. 60-minute chart: The risk-off assets are in precarious technical postures as we head…
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Great analysis Randy! Will be interesting to see how things shape up today and early next week.
Agreed. It looks like both the stock market (risk-on) and the risk-off (gold & Treasuries) assets are at some pretty significant levels which might provide some clues as to where both go from here. Might have to be continued next week if we don’t get any clear signals & I don’t foresee anything significant enough happening in the stock market today to provide us with anything more than (potentially) some clues as to the short-term direction, assuming /NQ & QQQ make solid breakdowns below those 60m TL’s which appears fairly likely. Here’s one more chart to watch today & going… Read more »
Randy, You don’t seem to incorporate high/low in your chart analysis, do you give any importance to the last NQ 60m low 8161? …new member question!
Actually, I very much do factor in previous reaction lows & highs as potential support & resistance levels but in the case of /NQ, I would put good odds on the fact that it passes on down below that 8163ish reaction low from Wednesday if & when a sell signal is triggered soon with a solid break & 60-min close below the 8200 level + yellow uptrend line. /NQ make a check of that level earlier today but snapped right back so that was anything but an impulsive or convincing break and most importantly, the body of that 60m candle… Read more »
Thanks for the additional input!