NASDAQ/QQQ Took Support at Predicted Support Area
NASDAQ 100 (
NQ1!
) took Support at the area suggested in my previous Idea Post (see attached). For further confirmation we will wait to see if it holds above the 50 day EMA on Daily Time Frame. It is currently above the 50 day EMA in the Pre-market session on Tuesday.
If the Confirmation is achieved today, then we will look for another rally up to the Resistance Area from where the pullback started. Possible catalyst for this rally could be
NVDA
's earning Tomorrow AH, or J. Powell's speech at the Jackson Hole Conference on the 25th.
It is important to note that the market is still top heavy and favorable Macro environment is necessary for an uptrend.
NQ1!
) took Support at the area suggested in my previous Idea Post (see attached). For further confirmation we will wait to see if it holds above the 50 day EMA on Daily Time Frame. It is currently above the 50 day EMA in the Pre-market session on Tuesday.
If the Confirmation is achieved today, then we will look for another rally up to the Resistance Area from where the pullback started. Possible catalyst for this rally could be
NVDA
's earning Tomorrow AH, or J. Powell's speech at the Jackson Hole Conference on the 25th. It is important to note that the market is still top heavy and favorable Macro environment is necessary for an uptrend.
