● On the 120-min chart, the near-term uptrend that began with NQ on 10/4 has held and is now at the top end of that channel. ●… Read more “Technical Recap (NQ) – 10/15/2021”
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Technical Recap (NQ) – 10/8/2021
Observations:
● NQ has been bumping up against SMA(200) resistance since mid-Sept
● It hit 15K psychological resistance level yesterday and again today
● Odds are increasing that we’ll revisit 14,700 level (50 SMA and 23.6% Fib retracement) especially given another double top (similar to 9/24-9/26), but…
● Weakening momentum (3/10 oscillator) is saying that the bottom (14,367) may be in through the end of 2021
● However, it’s possible that we could see one final near-term (5th EW) leg down below the 14,367 low from Monday, but it most likely wouldn’t be much below 14K.
● NQ daily chart remains in an uptrend channel that began over a year ago.
● If a break below 14,367 happens, look for the SMA(200) to hold support.
● Waning downward momentum on the daily chart currently looks bullish.
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