Sunday Prep 9/19 - $NQ/$QQQ Not Alarmed Yet but MUST be prepared

CME_MINI_DL:NQ1!   NASDAQ 100 E-mini Futures
The Nasdaq chart is actually a lot less concerning. There are still some serious levels of support that look ready to be tested. That 50d/quarterly pivot area around 15150ish looks strong. It would be a retest of the recent base that it broke out of and would actually be healthy for us to test, hold, and then find some strength.

The weekly 20sma is still quite a bit always though, so if we were to try and push up this week and end up putting in a lower high, if we were then to roll over and head lower we have quite a bit of room to tumble. Remember, I’m not alarmed yet, but I MUST be prepared for all scenarios.

When you get monthly charts like the ones of the /ES and the /NQ, it’s pretty evident that at some point things need to cool off. And when they do, we will either need to go sideways for a while and digest the move up, or we will need a decent correction to reset. Are we seeing the beginning of that start to unfold? Won’t know until we see some more things occur. But we can definitely make preparations and be aware of the warning signs.

As far as levels of resistance for this coming week, the 15300-15400 area looks pretty thick. But if we get above there then the underside of the 20d is the next area where I will look for sellers to show up. The 15550 level also is of interest to me.


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