This Week’s Idea: NQ Hitting Daily Downtrend Line

I share my top trade setups whenever I have a big, new idea for the market. And to invite a global audience, I provide the core chart and discussion on my TradingView page.

This week, I’ve been watching the Nasdaq 100 (NQ) futures market, which has had a strong bullish push lately.

However, now that some of its biggest component stocks have started to release disappointing earnings, the market is moving lower again.

This is happening at the same time the market is hitting a key resistance level, so let’s check out the chart to see where NQ is set to move next…

Multiple Bear Targets in Sight

Here’s how I see the NQ chart setting up for this week’s idea…

Nasdaq 100 (NQ) Futures Contract Price and Technical Analysis – Source: TradingView

The NQ daily time frame is in a down channel.

The market hit the top of the channel and is now making lower lows and lower highs, pushing towards the bottom of the channel.

The market has a down Fibonacci with an extension price point 9,595.25, about -6,966 ticks below the market.

As long as the market stays below the down trend line, 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

With inflation on a fast-track, you need to know how to amplify your gains.

To see how I do just that by trading markets like the Nasdaq 100 (NQ), check out the link in the P.S. below…

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Keep on trading,

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Josh Martinez

Josh Martinez

Josh Martinez is an elite Analyst who’s been actively trading the financial markets since 2011. He’s known as one the leading innovative traders in this industry due to his his cutting-edge strategies.

Josh first burst into the scene when he took an initial deposit investment of $500 and turned into over $39,000 in just under 2 years.
Josh’s trading articles have been featured in Your Trading Edge, The FX Street, Trader Planet, Forex Crunch, Trading Pub, and Equities.com.

In addition to trading, Joshua has also trained thousands of traders worldwide. His strategies and systems have helped others find success in the market

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