NASDAQ POSSIBLE GEAR SHIFT
Nasdaq could be in the process of gear shifting. After the recent sell off, the index has been able to rally about 70%. This comes as a no surprise as the fed keeps pumping money.
On the daily time frame the index is trading around the shoulder level of the H&S that trigered the sell off.
On the weekly time frame we have a weekly key reversal from last week trading.
On the 1H and 4H the index is carving out a channel which we are watching keenly for any possible opportunity.
A breakout of the lower band of the channel will put us on the sell side.
On the other hand we are also watching closely the confluence of resistance zone around 9170 and 9200 for a convincing price action to take place.
Overall we favour the short side of Nasdaq.
On the daily time frame the index is trading around the shoulder level of the H&S that trigered the sell off.
On the weekly time frame we have a weekly key reversal from last week trading.
On the 1H and 4H the index is carving out a channel which we are watching keenly for any possible opportunity.
A breakout of the lower band of the channel will put us on the sell side.
On the other hand we are also watching closely the confluence of resistance zone around 9170 and 9200 for a convincing price action to take place.
Overall we favour the short side of Nasdaq.
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