US Nas 100Short
#NDX - 31102023
Yesterday market slowly went up, hit 14300 resistance, dipped exactly to the 14256 strong level and rallied to the next at 100points before selling back down on BOJ news. I did say 14256 is key but the lows was given exactly at the PZ, together with SPX PZ as it recovered and made new highs.
BOJ meeting today. I would think it will create some volatility. Price action on USDJPY looks bearish. Will we see a repeat of December 2022? That was when USDJPY sold off sharply with indices. But indices found a base before European session and eventually recovered.
Daily price action is bullish. But still capped at 14330 strong resistance. I set 14450 as a sell limit for yesterday but was not triggered. My buy limit is at 13900. 14250 is a strong support.
TBH it looks different between NDX and SPX. NDX does look toppish and would minimally pullback but SPX looks stronger. But if, as I said yesterday, market need to capitulate by making a new low first before it can meaningfully recover, then BOJ could be the event to trigger such, before a sharp rebound.
Yesterday's 14255 will continue to be key, a break will trigger the down to 14101, 14011 and 13881. Can only take it level by level; market could well just make a higher low (anything lower requires much panic). But overall 13760- 13879 will be good to scale in longs for a rebound (will not discount 13760). And if spike up, 14430 will be key.
BOJ meeting today. I would think it will create some volatility. Price action on USDJPY looks bearish. Will we see a repeat of December 2022? That was when USDJPY sold off sharply with indices. But indices found a base before European session and eventually recovered.
Daily price action is bullish. But still capped at 14330 strong resistance. I set 14450 as a sell limit for yesterday but was not triggered. My buy limit is at 13900. 14250 is a strong support.
TBH it looks different between NDX and SPX. NDX does look toppish and would minimally pullback but SPX looks stronger. But if, as I said yesterday, market need to capitulate by making a new low first before it can meaningfully recover, then BOJ could be the event to trigger such, before a sharp rebound.
Yesterday's 14255 will continue to be key, a break will trigger the down to 14101, 14011 and 13881. Can only take it level by level; market could well just make a higher low (anything lower requires much panic). But overall 13760- 13879 will be good to scale in longs for a rebound (will not discount 13760). And if spike up, 14430 will be key.
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