Market Analysis – Nasdaq Futures

The Nasdaq futures (NQ) broke out of resistance at 4,441.50 but got promptly rejected at 4,450. That failed breakout look very bearish to me, and I think we could find ourselves going lower in the next few days.

NQ - 360 Minutes - 8 July 2015
NQ – 360 Minutes – 8 July 2015

Below us there is good looking demand at 4,205.75, which is where I’ll be starting to look for a long.

Looking at the weekly chart, with indicators courtesy of Emini-watch, you can see that we put in a pullback to end of trend, with a yellow amateur bar trying to get long at the top. The picture is quite bearish.

NQ - Weekly - 8 July 2015
NQ – Weekly – 8 July 2015

 

I currently have a short order placed at 4,401.75, from a small 2 minute zone.

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