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Nasdaq 100 in the Sell Zone?

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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…

Nasdaq 100 (NQ) Futures Contract Price and Technical Analysis – Source: TradingView

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

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 if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!

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…

Click here to get his research on an early-stage metaverse stock that could be one of the biggest tech millionaire-makers of the decade!

The post Nasdaq 100 in the Sell Zone? appeared first on Josh Daily Direction.

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