Nasdaq Weekly Report

In this chart we see a first very broad outlook of the market. After the big rejection candle of the previous week everything seemed to be bullish until at least the trendline, and that is what happened. But from Thursday onwards, the scenario changed and the price completely rejected those levels. The weekly candle is a very weak and very negative candle. (it is also a non demand*)

Weekly Chart

Daily Chart

Here we can further appreciate the levels. The red block corresponds to the accumulation and double floor of the week before this one, the area is full of volume as we can see below.

This week we expected the price to rise (as we have been saying in our discord and Instagram). We had marked the levels near 15500, because they were going to be close to the trendline, but above all they corresponded to a very strong supply zone (from the point of view of the volume profile and from the technical point of view). There we have seen a great rejection. Thursday’s candle ( second last candle) has been the most indicative: high volume, not very extensive movement (price that went up and was rejected just after having climbed the previous highs (black line). This is always a big sign of weaknesses.

Our most general scenarios continue to make us believe that everything is a correction, and the time will come to go up but we do not know when or how they will do it. We therefore propose a scenario where prices only retrace to the previous lows before going up and another where these are broken to fill the gap around the levels of 14.000/14.250. This would make the uptrend much healthier. Let us also remember that from now until the end of the year, seasonality is very bullish.

Hourly Chart

We finish with the hourly chart to analyze closer scenarios and really see what trading and entry possibilities we could have at a general level this week. From these levels a correction is very likely, Friday's session ended with a very interesting price stop that could lead us to see corrections to volumetric gaps as the red marker. We do not rule out that these corrections are even smaller so be careful about what the price does not to miss a possible entry in short that could initially reach the area marked in orange; from there we will evaluate what the price will do to get a better idea. To do this follow us on our discord where we post set ups and opportunities daily!