Nasdaq – Key Support Level Holding, Pressure Remains | Feb 4
NOTE: NFP is tomorrow so make sure to manage your positions and risk properly as volatility should be strong. Also China is entering golden week soon which means Asian liquidity will be lesser than usual in the coming days.
Nasdaq – Key Support Level Holding, But Pressure Remains (4hr chart)
For the 4th time in 7 days, the Nasdaq 100 has been tagging the ST key support level at 4110. Thus far the level is holding but it’s spending a lot more time close to the level vs. farther away from it, hence the pressure remains.
As long as it holds, then 4200 and 4300 should be the next upside targets. However a failure here puts pressure on 4000 and may offer a breakout pullback setup below 4100. 4000 though should offer solid support and induce some bulls to enter.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book