The NAS100 is not yet ready to give up its lower low trendline channel just yet!

I’m updating a new analysis for the NAS100 index after my long trade plan last April 26 has exited in a stop loss:

https://www.finlogix.com/analysis/20240426/nas100-intraday-analysis-and-trading-plan-for-april-26-2024

An updated record of 2 wins and 4 losses.

There are 5 remaining US major economic data this week with 1 to be released tonight, the Unemployment Claims in a few hours.

Re-assessing NAS100’s high timeframe candles:

Yearly Candle: Still a Green Spinning Top since last check

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Short Upper Shadow

Weekly Candle: Previous close is a Green Body current is a Red Body with a Longer Tail Wick

Daily Candle: Yesterday close is a Green Semi Gravestone Doji current is Developing a Green Body

A strong and solid weekly closing last week.

So far so good in its May opening even with a strong profit taking yesterday.

There’s a 2-week resistance around the 17820 levels that the NAS100 bulls need to work out.

For now, there are 2 strong order blocks that are showing signs of pushing price back inside the lost bigger channels.

My previous long trade’s only issue is that it faced the 2-week resistance halting the further going up of price.

However, I like to point out that the HL TL mentioned last time has continued supporting and preventing a flat demand line instead.

Currently price is hovering in the 17500 range after a very strong shorts liquidity earlier from FOMC’s statement.

I will continue a buying instance betting that the HL TL trendline holds after some minor sell side liquidity underneath it.

These are the following new buy entries to follow:

Entering at the current order block region, I am willing to hold this trade for more time targeting a total breakage of the 2-week resistance while the stop loss is set in the lower order block area.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

NAS100 Intraday Analysis and Trading Plan For May 2, 2024

May 02 2024

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