To end my analysis for today, I will update the NAS100 Nasdaq index.

With a holding time of 13 days and 18 hours, February 27’s trade plan has exited in a 2.89% profit:

https://www.finlogix.com/analysis/20240227/nas100-intraday-analysis-and-trading-plan-for-february-27-2024

My first win for the year. Let’s continue.

Still awaiting the 6 American major economic data out this week specially the Fed rates decision!

We can see a moderate volatility happening this Tuesday.

Re-assessing NAS100’s high timeframe candles:

Yearly Candle: Last check is a Small Green Shaven Head now a Green Spinning Top

Monthly Candle: Previous close is a Green Body current is developing a Red Long Upper Shadow

Weekly Candle: Previous close is a Red Long Upper Shadow current is developing an Inverted Green Hammer

Daily Candle: Previous close is a Green Long Upper Shadow current is developing a Small Red Hammer

The yearly candle remains bullish in a general long term perspective.

However, given the current macroeconomic and fundamental instances, the monthly, weekly and daily candles are showing signs of price correction.

There’s some sell side liquidity from last Friday’s low based from the 3-day slump targeting the external lows of March 5 and February 29.

Based on yesterday’s long candle head wick, we can see a strong 50% pullback from that day’s gains suggesting profit takings from Friday’s liquidity lows.

A broader and stronger US dollar is expected this week therefore the NAS100 index is bound to be sold in a choppy range.

Ignoring the wicks as market noise on the 4H, we can see NAS100’s own LH trendline.

Current consolidating in a narrow range depicted through a small blue box drawn above.

I have layout 2 bullish FVGs and from here price move from one FVG to another.

I will enter a short position through the current market price, putting a stop loss above yesterday’s swing high and taking profit on the lower bullish FVG which has yet to be re-tested as a support.

I just try to take advantage from the index’s already bearish March candle. 

NAS100 Intraday Analysis and Trading Plan For March 19, 2024

Mar 19 2024

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