Good Monday, Traders!
The Nasdaq 100 Index is one of the primary stock market indexes tracked and traded by traders seeking the performance of the leading big technology companies and their stocks in the US.
It can provide some spectacular trading opportunities in the market like what the index did via the futures contract market from March 14 through March 29 with a gain on a cash basis alone of 16.82%.
Since March 29, it has retraced from that gain to a current level of around 14,080 but is still in the buy zone.
And with that movement, we will be looking for opportunities to buy the Nasdaq 100 Index futures contract in the mini-contract on the Chicago Mercantile Exchange (CME) for a big potential gain in the making.
Nasdaq 100 Index Chart
Here’s how the trade is setting up this week for the Nasdaq 100 Index for the mini futures contract on the CME:
The Trade Setup
The NQ daily time frame broke the longer term down trend line and entered into the buy zone.
There is an up Fibonacci with an extension price point 16,706.25, about +10,077 ticks above the market.
However, the market is currently moving from a high price towards a future low price.
It will be a good idea to wait for the market to break the daily counter trend line bullish before turning to the one hour time frame and looking for long ideas.
The TradingView Look
This idea was posted on my TradingView page last week, but the U-turn we were expecting didn’t end up working out.
The index fell through its shorter term uptrend line, but it is still in the buy zone.
From here, we will be looking for a low price to form and for the buyers to retake control of the market.
As we wait for the next opportunity to develop, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day for more of my futures contract trading tutorials as well as some additional trading ideas!
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep On Trading,
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