We have noted the key support area on the Nasdaq 100 and here are the futures in pre-market, getting slammed. Support (green dashed) is not lost until a daily close below it and even then, the market’s whipsaws don’t particularly care about our lines on charts. It’s gonna be volatile out there. I am glad to see this market testing its bull/bear parameters sooner rather than later because it’s boring in the Waiting Place.
The futes have settled at the EMA 20 and the SMA 50 is a key marker for the uptrend.
I am a little suspicious of the bear activity if it is disproportionately related Trump Tweeting and something going on with Facebook. But anyway, there’s the current view. Bullish until broken, but “broken” does not really even begin to enter the picture unless there is a close below the SMA 50 (blue). Of more immediate concern is the support line and the EMA 20.
Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.
