#202506 - priceactiontds - weekly update - nasdaq
Good Evening and I hope you are well.
comment: RUN IT AGAIN. Lower highs, higher lows. Body gaps above (small though) and big bull gap below 21200. Market is in balance around 21500 and I do think for now market will spend more time between the given key levels until bigger news change that fact. Play was selling Friday, big gap down Monday and then sideways to up until late Friday. Let’s see if we repeat the cycle.
current market cycle: trading range
key levels: 20500 - 22100
bull case: Bulls want to stay above the weekly 20ema which is currently around 21200. They are fine with this trading range above 20000 because that’s still really bullish if you think about it.
Invalidation is below 21400.
bear case: Bears get spikes and that’s it. They are deep, so they are making money but it’s a tough way to make a living to wait for some news and be quick with the sell button. I do think they are heavily favored to continue down below 21600 and test 21500 and hopefully 21200 again. What I can’t see happening is a lower low below 20940 though. We have a big body gap from 21405 to 21566 and it would be good for the bears if they can close it tomorrow.
Invalidation is above 22000.
short term: Bearish. I want to see 21200 next week. For now all stops for shorts have to be 21970.
medium-long term - Update from 2024-02-09: Another lower high but also higher lows. Bears are not doing enough, so we are in a trading range below the ath. We are close to it that there is always the possibility of printing a higher high again. Bears need lower lows below 20600 before we can talk about 20000 again. I still think 20000 is doable in February.
current swing trade: None but will decide on futures open tonight if I want to get short with stop 21970.
chart update: Added triangle and bull & bear gap.
comment: RUN IT AGAIN. Lower highs, higher lows. Body gaps above (small though) and big bull gap below 21200. Market is in balance around 21500 and I do think for now market will spend more time between the given key levels until bigger news change that fact. Play was selling Friday, big gap down Monday and then sideways to up until late Friday. Let’s see if we repeat the cycle.
current market cycle: trading range
key levels: 20500 - 22100
bull case: Bulls want to stay above the weekly 20ema which is currently around 21200. They are fine with this trading range above 20000 because that’s still really bullish if you think about it.
Invalidation is below 21400.
bear case: Bears get spikes and that’s it. They are deep, so they are making money but it’s a tough way to make a living to wait for some news and be quick with the sell button. I do think they are heavily favored to continue down below 21600 and test 21500 and hopefully 21200 again. What I can’t see happening is a lower low below 20940 though. We have a big body gap from 21405 to 21566 and it would be good for the bears if they can close it tomorrow.
Invalidation is above 22000.
short term: Bearish. I want to see 21200 next week. For now all stops for shorts have to be 21970.
medium-long term - Update from 2024-02-09: Another lower high but also higher lows. Bears are not doing enough, so we are in a trading range below the ath. We are close to it that there is always the possibility of printing a higher high again. Bears need lower lows below 20600 before we can talk about 20000 again. I still think 20000 is doable in February.
current swing trade: None but will decide on futures open tonight if I want to get short with stop 21970.
chart update: Added triangle and bull & bear gap.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.