FOMC data is expected-high volatility on Nas100 is expected
Last time I gave an analysis on Nasdaq100 is when it was above the support of a rising trendline that plots through the rising channel that began in May 2021. In that analysis I gave two scenarios, a violation of the May 2021 trendline to the bottom then price could be pushed to August 2021 low around 14713. My second scenario happened, price didn't completely reach 14713 but was very close it. Right now Nas100 is below the May 2021 trendline, we believe this level will act as resistance. With FOMC data release to come out later today, we can expect high volatility on the index. How it will be impacted is up to us to wait to see. Let's assume the May 2021 trendline holds, in that case Nas100 weakness will not be over. Technically speaking, the index is strongly bearish, once the minor trendline below it gets violated that would be the last level to hold this and our next focus and target will be the major diagonal support of the rising channel. Does this make sense? I hope it does.
On Fundamental side, we still do not know how the FOMC data will come out. A consolidation on Nasdaq100 have to be expected now, the FOMC data will only reveal the next big move.
We missed the previous drop on Nasdaq100 as it dropped at time I was caught up with things. Watching it drop so hard could be a temptation to jump in somewhere, but that is a dangerous way of doing things. We patiently wait for it at a proper level (after good confirmations) to get in.
Never should we try to catch a sword in the air. Bloody!
Trading is a game of patience and discipline. Lacking that would be chaos; but that does not mean we should be fearful, having some measure of confidence is needed otherwise we would be watching the market swing up and down with our pockets dry. Hahahahaha. Be a fearless lion, but always know our position to this giant market, we are just a grain of sand on the seashore. Risking only what we will not be stressed about if the market goes south is the way to go.
Hello friend, if you enjoy my idea and thoughts please show support by hitting that like button. Do also check out my previous analysis by following the link below.
Trade smart😁
On Fundamental side, we still do not know how the FOMC data will come out. A consolidation on Nasdaq100 have to be expected now, the FOMC data will only reveal the next big move.
We missed the previous drop on Nasdaq100 as it dropped at time I was caught up with things. Watching it drop so hard could be a temptation to jump in somewhere, but that is a dangerous way of doing things. We patiently wait for it at a proper level (after good confirmations) to get in.
Never should we try to catch a sword in the air. Bloody!
Trading is a game of patience and discipline. Lacking that would be chaos; but that does not mean we should be fearful, having some measure of confidence is needed otherwise we would be watching the market swing up and down with our pockets dry. Hahahahaha. Be a fearless lion, but always know our position to this giant market, we are just a grain of sand on the seashore. Risking only what we will not be stressed about if the market goes south is the way to go.
Hello friend, if you enjoy my idea and thoughts please show support by hitting that like button. Do also check out my previous analysis by following the link below.
Trade smart😁
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