As the Russian Ukraine talks flood the world with the war narrative, many world stock markets have hit a turmoil. Nas 100 itself is not alone in this round of the curb. 

Having been bearish lately on the daily chart, we still see some bearish pressure momenting till the bottom. Market has formed lower lows and lower highs and still has the potential for another leg to the bottom where it will fulfill its final lower low. We have the structure bearish as well and market needs to retest the ressitance level in order to fulfill the orders for the further continuation down. The resistance stands at 14000. We are looking to short the market a little above the resistance level where the stops are being placed.

The descending trendline is a few pips above the current price action. Above the resistance we might see a rejection once price forms a pinbar tapping the trendline. This will act as a confluence of the resistance with the trendline.

The golden retracement level of 75-78.6% stands a little above the resistance level where there is a potential for the market to wick up. This wick up will be our entry point for the market. We can also see a trendline tap at the retracement level. 

Both the EMA's are bearish and stay untested after the breakout sells of the EMA's. The death cross remains bearish as well. Therefore, since the EMA's are still much above the current market prices, market tends to start pushing down without retesting the EMA's. 

Both the oscillators are in a bearish region and have the window to brag down towards the over sold region. At the confluence area we have marked for the shorting, we do see some sort of neutralization on the oscillators. If not, there is a potential for a formation of a bearish divergence on a lower timeframe of H1. We can match the H1 with this and then continue looking for the bearish divergence.

NAS 100 shorts from 14100

Mar 11 2022

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