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Bulls Fight Back, But Bearish Trend Remains

The bulls are fighting back against the bears as the new week begins…

After closing below the June lows last Friday, the Nasdaq 100 (NQ) futures market is bouncing back today by 1.6%.

Stocks are up across the board, but it’s important to remember that this market is still firmly in a down trend.

Therefore, we are still on the lookout for a high price where the risk to reward for a downside trade will be in our favor…

Put The Odds In Your Favor

Here’s how we see the market shaping up for the Nasdaq 100 Index futures contract…

Daily Chart of Nasdaq 100 (NQ) Futures — Source: TradingView

The NQ daily time frame is in a down channel. The market is making lower lows and lower highs.

The market has hit a down Fibonacci extension price point 11,571.00 but has yet to form a low price.

It will be a good idea to stay out of the market until the market pulls back and forms a high price giving the opportunity to look for the next short.

At this time, it is better to be out of the market wishing to be in, than to be in the market wishing to be out.

The Bottom Line

There are multiple ways to trade the futures, stock and other markets. We can trade the indexes, both up and down, as well as individual stocks… 

But my colleague and equities pro Ross Givens has come up with a brand new strategy that aims to deliver weekly gain opportunities without ever holding a single stock.

If you’re interested, check out the important P.S. below…

For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.

I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.

And before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more! 

Click here now to subscribe!

Keep on trading,

P.S. My colleague and expert stock trader Ross Givens just unveiled his brand new “rapid cash” strategy that is totally market neutral.

It doesn’t matter if a stock goes up or goes down… With this strategy, Ross can set up his trades to win in either direction.

If you want to learn exactly how this works, watch Ross’s on-demand and totally FREE broadcast right here.

The post Bulls Fight Back, But Bearish Trend Remains appeared first on Josh Daily Direction.

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