Today’s a make-or-break day. Here’s why…

Today is a make-or-break day for the Nasdaq 100 (NQ)! The market had a bit of a bearish day yesterday, but the overall short-term and long-term directions are still bullish. We’re keeping an eye on the NQ’s movement today in anticipation of a big move either way.

The NQ is still holding at support. If we can have a bullish reaction as the price pushes through the counter trend line, we’ll see the price rally. If the NQ price can’t bounce off of support, we’re likely to see a larger-than-normal sell-off.

Let’s jump into our timeframe analysis for a closer look.

Daily Timeframe Analysis

The NQ is clearly still holding above support (upper grey line), though we’ve seen a bit of a bearish turn in the daily timeframe. We’ll give it a chance to U-turn back toward a bullish rally, but there’s also the possibility of a significant sell-off.

If the price can’t stay above the current level of support within the next day or so, we’ll likely see a bearish trend. But for now, the daily timeframe still points to the possibility of a bullish run.

Chart the channel

While the daily timeframe for the NQ reveals a slightly bearish turn, we still think the market will bounce off support (upper grey line) and push toward a bullish rally (long green arrow).

It’s important to realize that if we don’t get the bullish turn today, the bearish drop could continue well below support and trigger a significant sell-off. That’s why we should turn to the one-hour to get a better idea of our buying options.

One-Hour Timeframe Analysis

As we turn to our one-hour timeframe, the NQ market is right at the U-turn point. The price hasn’t been able to break through the counter trend line toward a bullish run. As a result, we aren’t quite at a point for a good entry into the market.

Chart the channel

We’re waiting for the NQ to break the counter trend line in the one-hour timeframe (short diagonal grey line) and rally bullish.

However, it’s clear that support is holding in the one-hour timeframe. If we can push past the historic level of resistance, we’ll see a healthy bullish rally. Just take a look to the left of the current price, and you’ll see how the market has done that before!

The Bottom Line

Today’s the day to look for the U-turn towards a bullish rally. If it doesn’t happen today, we’re likely to see a sizeable sell-off in the NQ. Instead, we want to see the market break through the counter trend line and continue on toward higher prices. That’ll open up opportunities to buy into the NQ.

The Bottom Line

While the short-term and long-term direction for the NQ is up, today is a make-or-break day for a rally to set in.

Do you want more information on how I spot these sorts of trades? Be sure to follow me as I show you in-depth information on the futures market and how to implement my strategy in your own trading plan! Or, you can sit on the sidelines and miss out. It’s up to you…

Mindset Advantage: Hit The Pause Button

If it gives you pause, then pause!

How many times have you plowed into a trade with second thoughts? Once you enter, your stomach immediately drops, and the regret is almost unbearable.

Welcome to trading for millions of retail traders. The very thing that’s supposed to bring the freedom, happiness, and financial independence they’ve been hoping for is making them sick to their stomachs.

Why do something that makes you feel less than extraordinary? Take a minute. Save your money and your account.

Collect yourself. Practice, watch the videos, talk to one of our team members, and get your mojo back!

Just stop and only trade when you’re ready. There’s plenty of money to be made out there.

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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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