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by Austin Passamonte
Here's the near-term market outlook for NASDAQ 100.
Position: N/A
Austin Passamonte
Austin is a private trader who trades emini stock index futures intraday. He currently trades various futures markets from home in addition to managing a trader's educational forum
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TECHNICAL ANALYSIS
Technology Tapped
08/31/09 09:18:58 AMby Austin Passamonte
Here's the near-term market outlook for NASDAQ 100.
Position: N/A
| The last time we looked at NQ futures charts, price action was consolidating just below key price magnets of attraction. There was an open gap from October 2008 and Fibonacci projections layered within that gap beckoned to price (Figure 1). |
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| FIGURE 1: NQ, WEEKLY |
| Graphic provided by: TradeStation. |
| |
| Indeed, we found that meshed attraction of price magnets attractive. The uptrend week prior to this culminated with a gap fill and test of the overhead zone. Mission accomplished, in spinning doji candle fashion. Now what? |
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| FIGURE 2: NQ, DAILY |
| Graphic provided by: TradeStation. |
| |
| The daily chart view (Figure 2) shows an ascending trendline that was tapped & held again to end this week. An open gap roughly -100 index points below is a visible target that will surely fill sooner or later. The open gap from early October 2008 took nearly one year to fill, but fill it did. Likewise was the one still below, perhaps sooner than later, relative to that now filled. |
| A bullish hammer candle from Thursday, August 27, was followed by a bearish stall at key resistance the next day. This is fundamentally a very quiet period in the markets, but anything is possible. Continued sideways coiling and price testing near this critical zone is probable. A directional push higher or lower will obviously happen eventually, though it might have to wait until the post-Labor Day period. |
| The tech sector has led the 2009 rally from March lows all the way up. It may be the last to fail, but will surely play catchup if failure happens. Watching this one lead higher or lag lower has been the cue so far. Price is now at key levels of long-term attraction, poised to react sharply soon from there. |
Austin is a private trader who trades emini stock index futures intraday. He currently trades various futures markets from home in addition to managing a trader's educational forum
| Title: | Individual Trader |
| Company: | CoiledMarkets.com |
| Address: | PO Box 633 |
| Naples, NY 14512 | |
| Website: | coiledmarkets.com/blog |
| E-mail address: | austinp44@yahoo.com |
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Date: 09/01/09Rank: 5Comment:
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