As May was wrapping up and June was getting underway, technology stocks provided some great trading opportunities.
From May 24 through last Friday, the tech-laden Nasdaq 100 Index futures contract (NQ) has returned over 6.8%, well outpacing the more general stock indexes such as the S&P 500 Index futures contract (ES) for the same time period.
So, as this past week was getting underway, I presented a trade idea for technology utilizing the NQ contract.
Here’s how the trade shaped up this past week and how I see the index setting up for potentially bigger gains for you.
Nasdaq 100 Index Trade Setup
Here’s how the chart is moving this past week’s initial idea through into the week…
And here’s how I have been seeing the trade shaping up this past week into this weekend…
The Nasdaq 100 futures contract (NQ) one hour time frame is in the buy zone, in an up trend, making higher highs, and higher lows.
Entry: Counter trend line break-bullish in the buy zone.
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 long / destination trader long ideas towards the one hour up Fibonacci level.
The Bottom Line
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Keep on trading,
P.S. There is more to trading stocks just with stock market indexes or index futures contracts. You can break out and above indexes by focusing on the top individual stocks – if you get to know how to track them down for gain opportunities beyond the general stock markets.