With the old adage of “Sell in May and go away” as a backdrop, today the market is setting up some trading ideas in the buy zone.
This includes the technology-focused Nasdaq 100 Index futures contract (NQ).
Here’s how I see this index and its contract shaping up for a positive trade idea today.
The Nasdaq 100 Index Trade Idea
The stock market is showing some positive signs as the month of May rounds out to its end.
Right now, the Nasdaq 100 Index futures contract (NQ) is in the buy zone on the one hour time frame presenting a trade idea.
Here’s how the chart is setting up…
And here’s how I see the trade idea shaping up…
The NQ one hour time frame is in the buy zone, in an up trend, and it’s making higher highs and higher lows.
- Entry: Counter trend line break-bullish in the buy zone
- Stop: 12,183.75
- Limit: 13,269.75
As long as the market stays above the up trend line, it will be a good idea to turn to
the five minute time frame and look for Tunnel Trader / Destination Trader long
ideas towards the one hour up Fibonacci.
The Bottom Line
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