Today, the market may be setting up sell trades as the jobs data is suggesting good news is potentially bad news.
This is particularly the case for the tech-laden Nasdaq 100 Index futures contract (NQ).
So, let’s look at the NQ and stay up to date on how things are transpiring and setting up.
We want to see if it may be setting up for trades in the sell zone…
The Nasdaq 100 (NQ) Market Review
Here’s how the chart is setting up for the Nasdaq 100 Index (NQ) futures contract market…
The NQ daily time frame is in a down trend. The market is making lower lows and lower highs.
The market just hit an up sub Fibonacci extension price 12,999.50. It is expected the market will have a bearish reaction after hitting this Fibonacci extension.
If the market can break and close below the short term uptrend line, it will be a good
idea to turn to the one hour time frame to look for selling ideas in the sell zone towards the daily down Fibonacci price point 9,480.75
The Bottom Line
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Keep on trading,
P.S. While the futures markets may provide some big gains ahead, my colleague and expert trader Ross Givens has been working on a different market…
The post Nasdaq 100 in the Sell Zone? appeared first on Josh Daily Direction.
