Today we’re looking at the big tech stocks that appear to be in trouble.
These are represented by the Nasdaq 100 Index.
So let’s look at the NQ 100 Index futures contracts…
Looking at NQ Futures Contracts
Here’s how the chart is shaping up and how we see the market…
The NQ daily time frame is in a down channel.
The market hit the top of the channel and is now pushing bearish towards the bottom of the channel.
The market is making lower lows and lower highs. The market has a down Fibonacci
with an extension price point 11,119.00 about -6,700 ticks below the market.
It will be a good idea to turn to the one hour time frame and to look for high prices in the sell zone.
The Bottom Line
There are multiple ways to trade the futures, stock and other markets. We can trade the indexes, both up and down, as well as individual stocks…
For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more! Click here now to subscribe!
Keep on trading,
P.S. I have been working with my team to find what I call “marked stocks.”
These are stocks that are potentially setting up to generate big gains… And you need to get in on them with me.