Interested to see an update with the action that has occurred since Saturday. Would like your thoughts.
NQ Futures 24 hours 240min Timeframe Nothing new so far, volatility dancing around support and resistance lines with the obvious and expected stop run games at their respective lines. Support is being support. Resistance is being resistance. Inverse Head and Shoulder potential formation is beginning to get interest now, missing part of the puzzle is how big the head will be or how deep.
NQ Futures 24 hours 240min Timeframe Update Areas of interest are catching swing lows and swing highs. No breakdown, no breakout as of yet, ping pong inside selected areas as market awaits jobs. What will form? Inverse head and shoulder, head (has yet to form). Downtrend channel of a bull flag is still intact, just games at the support line. Eventually, a bull flag whose downtrend channel is an inverse head and shoulder is also in order. More updates when meaningful PA has produced technical damage, otherwise known as a breakout/down, as it is now we are still range-bound even if volatility has increased.
NQ Futures 24 hours 240min Timeframe Update Lower support line was getting overly-abused after so many tests. We are now creating the head I was suspecting for the incoming inverse head and shoulder. There is a confluence of potential support where the arrow is placed, for an infamous "three lows to a bottom" to create the aforementioned head, at the least the beginning of it, which is nothing more than a failed breakdown, after all is said and done. Diagonal downward dashed red continues to be the line in the sand for bears, below it, bears rule the world until the convergence of potential support. More to come with new data.
NQ Futures 24 hours 240min Timeframe Update The bulls have spoken, stops were hunted, only this time, there is no nearby resistance. The head or fake breakdown of the downtrending channel was fast and did not last very long as it was met with immediate buyers. Nothing have changed, except support keeps holding and near-term resistance got blown away, if this scenario remains, the picture painted is very bullish medium term.
NQ Update In Reference to the Diagram posted at the beginning of the logs we are doing the second pattern, slight bend of support. Bulls remain in control.
NQ Futures 24 hours 240min Timeframe Update What will form ? - Bull Flag Breakout - Downtrend Channel Test of resistance completion (which is higher) Note: Diagonal Dashed-Red Line remains potential-resistance should the move accelerate in afterhours or tomorrow, should price take a pause or pullback it will only drift higher, which is positive for bulls. Bulls remain in control.
NQ Futures 24 hours 240min Timeframe Resistance Line hit, party is over until earnings. This concludes this journal, i will stop updating it now.