NQ1!
NQ1! Nasdaq 2021 Aug 09 Week
Last week's short from Red zone was good.
Test for supply at 14946 was successful.
Concern: Market approached resistance & demand line on narrow spread,
background was effort no result.
Monthly: Narrowing spread, SOT, Tiny Very Low Volume Bar = Weakness
Weekly: Narrowing Spread, Effort no Result = Weakness
Daily: Narrowing Spread
H4: Narrowing Spread, Effort No Result
Strategy for Short (Test and reject):
1) Upthrust followed by weakness back into 15134 - 15172
2) Resisted by Daily Channel Demand Line
Strategy for Long (Test and support):
1) Green zone
2) 14946
3) Daily Channel Demand Line becomes support
4) Bullish Absorption, Red zone becomes support
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Have a profitable trading week ahead.
