Good morning, Traders!
We’re seeing some interesting movements across the broader market. There’s a lot of indecision right now as investors are trying to figure out how the economic recovery is doing as concerns grow over inflation and the labor market.
Today, we’ll focus on the Nasdaq futures market (NQ). The daily timeframe is still up, though yesterday was a bit sideways for the market. We shouldn’t worry too much because those sorts of days are expected every now and then. Remember that not every day will be a straight-line bullish move.
The one-hour timeframe is also up as the price is poised to break the counter trendline and head into the buy zone.
If the market continues its current trend in the one-hour timeframe, we can expect a rally toward 14000.50!
Now let’s examine the daily and one-hour timeframes to get a closer look at the NQ and its current trend:Daily Timeframe Analysis
As mentioned before, yesterday was filled with indecision from investors. The NQ market within the daily timeframe remained up but traded mostly sideways yesterday. That means the price movement stayed within a very narrow range, with a slightly upward trend.DAILY TIMEFRAME
The direction within the daily timeframe is up
The current direction for the one-hour timeframe is up
THE BOTTOM LINE
The NQ market’s U-turn direction is up
The direction for the NQ daily timeframe is still up, though the market is trading sideways at the moment. We still expect a bullish rally toward the next up Fibonacci (long green arrow)
This sort of movement is expected and shouldn’t worry us. The overall trend for the NQ is still up! Market direction isn’t always a straight line to the top or bottom. Some days are relatively neutral depending on what’s happening within the market. Our focus is on One-Hour Timeframe Analysis
Turning to the one-hour timeframe, we see that the NQ is ready to break through another trend line (top diagonal grey line) and enter the buy zone. The market is holding at resistance as support (long grey line at the top) and continuing its upward trend.
The one-hour GC timeframe reveals that the price is still moving up. We’re waiting on the price to break through the counter trendline and start another bullish rally (long green arrow)
If the counter trendline break occurs, we expect the next bullish rally to push toward 14000.50 (long green arrow)! As you can see in the chart, the market is just shy of the counter trendline and continues to make upward movement away from support.The Bottom Line
The overall direction for the NQ is still up! We’ll monitor the one-hour timeframe as we wait for the market to break the counter trendline bullish and head toward a new high price.
The direction for the NQ futures market is up. We’ll watch our timeframe charts to find the best possible entries and make money on the way to the top!
With this information, you’re well on your way to trading the futures market. But how do you actually execute a trade? Do you know what kind of exit strategy to have? I can show you, step by step, how to trade the NQ and many other futures markets. Follow me now to learn how to get started!
Keep On Trading,
Mindset Advantage: Balance
When it comes to your mindset for trading, you’ll find that your ability to cope with the markets, bad trades, good trades – whatever – has more to do with how you spend your time outside of trading. More specifically, how much balance you have.
In fact, of your total state of readiness 10% may have to do with charts and price levels. The other 90% has to do with how rested you are. How focused you are. How happy you are.
Find a balance that works for you and begin the path towards happy trading.Traders Training Session