• Home
  • /
  • Blog
  • /
  • NASDAQ 100 / The Eye of the Storm Podcast 5/18/2022 by Michael Filighera

NASDAQ 100 / The Eye of the Storm Podcast 5/18/2022 by Michael Filighera

Tonight, is another Eye of the Storm Podcast as I move the discussion into a trading discussion.  I hope you find it useful in understanding what I am expecting going forward from the NQ.

Wednesday’s trade was a slow and steady grind lower.  The NQ topped at yesterday’s Globex opening with the market dropping without pause today.  The NQ finished the session at 11940 and dropped to a low at 11863 after the close.  It looks and feels like the minute 3rd wave is active in larger continuations of the Intermediate 3rd and the Minor 3rd waves.  So basically, we have a 3 of 3 of 3 move in progress.  And the trend is down!

All previous analysis remains valid, all previous support and resistance remains valid.  We may get a few stronger down days before a stronger more sustained bounce takes over.

As I discussed in the update – there remains potential for the NQ to once again turn around and rally higher and once again get “gummed” up around the 12600 to 12800 level – a break below 11689 invalidates the upside for now.

Downside support comes in at 11689, 11434, 11271, 11119, 10717, 10496, 10275, 10001.  Ultimately, expectations remain for Minor wave 3 to find support to complete at 9613 to 9550, with Intermediate wave 3 finding support to complete at 9070 to 9055.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.