Are the Bulls Coming Back to Technology Stocks?

Technology is historically one of the leaders in the market and one to keep an eye on for both market-leading trades as well as just confirming long trades in general.

The Nasdaq 100 Index (NQ) is made up of large-cap technology stocks. As it moves, it can work to drive the whole market.

And right now, it is showing signs of moving into the buy zone.

So today, let’s take a look at capitalizing on what we see as a potential bull market run developing in the Nasdaq 100 Index futures contract (NQ) and unpack what’s happening inside the chart formation…

The Nasdaq 100 (NQ) Trade Setup

Here’s how the chart shows the potential gain in NQ setting up…

And here’s how the chart is shaping up…

The Nasdaq 100 Index futures contract (NQ) daily time frame is in a channel. 

The market is at the bottom of the channel. The market can do a couple of things:

A) The market holds at the bottom of the channel and pushes bullish towards the top of the channel price point 13,651.50, about +8,483 ticks above the market.

B) The market breaks below the channel and enters into the sell zone. If that happens, we can apply a down Fibonacci to help find the future extension.

As of now, the market is in the buy zone, at a low price, hitting support. It will be a good idea to turn to the one hour time frame and to look for low prices in the buy zone as long as the daily stays above the bottom of the channel.

The Bottom Line

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