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Ross Givens

Stock Trader & Educator

This Week’s Idea: NQ Hitting Daily Downtrend Line

I share my top trade setups whenever I have a big, new idea for the market. And to invite a global audience, I provide the core chart and discussion on my TradingView page.

This week, I’ve been watching the Nasdaq 100 (NQ) futures market, which has had a strong bullish push lately.

However, now that some of its biggest component stocks have started to release disappointing earnings, the market is moving lower again.

This is happening at the same time the market is hitting a key resistance level, so let’s check out the chart to see where NQ is set to move next…

Multiple Bear Targets in Sight

Here’s how I see the NQ chart setting up for this week’s idea…

Nasdaq 100 (NQ) Futures Contract Price and Technical Analysis – Source: TradingView

The NQ daily time frame is in a down channel.

The market hit the top of the channel and is now making lower lows and lower highs, pushing towards the bottom of the channel.

The market has a down Fibonacci with an extension price point 9,595.25, about -6,966 ticks below the market.

As long as the market stays below the down trend line, it will be a good idea to turn to the one hour time frame and to look for high prices in the sell zone.

The Bottom Line

With inflation on a fast-track, you need to know how to amplify your gains.

To see how I do just that by trading markets like the Nasdaq 100 (NQ), check out the link in the P.S. below…

For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.

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Keep on trading,

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The post This Week’s Idea: NQ Hitting Daily Downtrend Line appeared first on Josh Daily Direction.

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