Last week’s 4.7% decline in the Nasdaq 100 (NQ) futures market brought the index right back down to its June lows.
The market is clearly still stuck in a down trend, but this is an area where support could be found.
And if we do see a rally in the NQ from here, we’ll be looking for a high price to sell the market.
Read on to see how the market is setting up for the next short idea…
NQ Hits the Fibonacci
Here’s how the chart is shaping up…
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 it pulls back and forms and 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.
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The post How We Plan to Sell an NQ Rally appeared first on Josh Daily Direction.
