It’s been a while since we last looked at the technology-heavy Nasdaq 100 Index (NQ) futures market.
The long term market direction remains to the upside, but the shorter term time frames are pointing lower.
There is currently a short term up trend line on the daily time frame, which if broken could lead to a further downside move.
So, today, let’s look at what may come next for the technology market…
The Nasdaq 100 (NQ) Technical Outlook
Here’s how the chart is setting up for the Nasdaq 100 (NQ) futures market…
The NQ daily time frame is in a down trend, with the market making lower lows and lower highs.
The market just hit an up sub Fibonacci extension price 12999.50. It is expected the market will have a bearish reaction after hitting this Fibonacci extension.
If the market can break and close below the short term up trend line, it will be a good idea to turn to the one hour time frame to look for selling ideas in the sell zone towards the daily down Fibonacci price point 9480.75.
The Bottom Line
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P.S. In addition to my trades in the futures contract markets, my pal Ross Givens here at Traders Agency continues to come up with some great under-the-radar stocks for stealth profit opportunities.
And he showcases these opportunities in his premium Stealth Trades service…