Nasdaq 100 – Breakout Setup Profits, Now Key Level in Focus | Feb 18
Nasdaq 100 – Breakout Produces +125 Point Move, Now 4100 in Focus (1hr chart)
In our members commentary on Tuesday, we talked about the 4100 level being key and that an upside breakout setup was likely. As you can see from the chart below, the US index broke above this level shortly after and shot up +125 points.
What is interesting is the impulsive sell-off since then which occurred across the board with the global indices. I tweeted this ahead of time how the price action was looking weak on all of them and hinting at a potential ST reversal.
I’ll cover these in detail and how I traded them in the APA member webinar this Saturday.
For now, the 4100 level comes back into focus as bulls will attempt to use it as a support level. If it holds, then 4200/4225 will be under attack. If it fails however, then 4000 comes into context.
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