NDX Daily TF
As noted in the weekly TF update, the NDX has been bouncing around in a Bear Flag since the June low @ $11,040.
Things to note on the daily TF:
- rejection @ BF resistance channel @ 13.7K on Aug 16
- got a bearish cross of the 9SMA below the 21 on Aug 26
- price action is below the 9/21/50/100/200/300 SMAs which is bearish, BUT the 50 looks like it might want to cross the 100 which would be bullish for the short-term
- we got a bearish breakdown of the BF support channel @ 12.3K on Sept 1 & closed 2 daily candles BELOW it (bearish)
- on the bullish side, we are holding at a strong liquidity zone around
12K which could signify that the market wants a relief bounce
Things to note on the daily TF:
- rejection @ BF resistance channel @ 13.7K on Aug 16
- got a bearish cross of the 9SMA below the 21 on Aug 26
- price action is below the 9/21/50/100/200/300 SMAs which is bearish, BUT the 50 looks like it might want to cross the 100 which would be bullish for the short-term
- we got a bearish breakdown of the BF support channel @ 12.3K on Sept 1 & closed 2 daily candles BELOW it (bearish)
- on the bullish side, we are holding at a strong liquidity zone around
12K which could signify that the market wants a relief bounce
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