09112023 - #NDX
NDX posted the first red day after 7 days. Given the extent and many of days of rally, a pause is expected; that is why I said to be cautiously bullish yesterday. And still, yesterday's buy level at 15230 worked almost perfectly as it hit and went up 100 points.
Price action is neutral IMO but overall momentum is slowing down. If we look at the daily chart and draw a trendline, we can see that NDX has broken out of the trendline resistance. Possibly time for a dip, retest of trendline before further down (or fake down)?
IMO, NDX can well chop for the next few days, wait for a major news trigger then make its own move. Price is now rather high; going long from here definitely requires much cautious. If not, yes, I do not deny we can well skip this instrument and wait for a bearish daily candle to reevaluate if it is time to go short.
But for now, to trade this instrument, price either, 1) range around the PZ, then rally, possibly during US session, or 2) dip during European session and re-test the lows, find support and start to go up or , 3) if it is to re-test the trendline, 15155 would be a low risk level to find buying opportunities IMO.
Price action is neutral IMO but overall momentum is slowing down. If we look at the daily chart and draw a trendline, we can see that NDX has broken out of the trendline resistance. Possibly time for a dip, retest of trendline before further down (or fake down)?
IMO, NDX can well chop for the next few days, wait for a major news trigger then make its own move. Price is now rather high; going long from here definitely requires much cautious. If not, yes, I do not deny we can well skip this instrument and wait for a bearish daily candle to reevaluate if it is time to go short.
But for now, to trade this instrument, price either, 1) range around the PZ, then rally, possibly during US session, or 2) dip during European session and re-test the lows, find support and start to go up or , 3) if it is to re-test the trendline, 15155 would be a low risk level to find buying opportunities IMO.
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