NASDAQ (US100/NAS100) MARKET ANALYSIS

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 Good afternoon traders, coming close to the end of the trading week as today is Friday we expect markets to close tonight for the weekend. However into the markets during the trading week, NASDAQ and US30 have been constantly on my watchlist for various market moves. In NAS100, price dropped to a major H1 demand level at 11207.88 & 11089.14 which corresponds with a major weekly demand level. Price dropped into demand, formed candle close inside followed by a large H1 bullish engulfing candle and a rally out of demand. Price formed candle close above demand, retested it and was followed by another strong rally out of demand confirming the bullish reversal and sentiment. Price rallied to the H1 high at 11491.31, confirming a shift in market structure to bullish. I missed out on the optimum entries but looking into taking buy positions when price pulls back before a continuation of the rally. 






Price failed to break the H1 high and dropped back to demand to accumulate more bullish orders that will give price enough momentum for the rally to take out the H1 high and form a bullish range. Took buy entries during NYSE at 11173.40 with SL at 11089.41 after two failed attempts at taking the buys as price faked out a break of demand before eventually rallying out of demand. Setup taken is a drop base rally, a reversal setup and my 1st target at the previous H1 high at 11491.31 before either a continuation of the rally or a drop back to demand.


 


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