NAS100 MARKET ANALYSIS

Good afternoon traders, it's a feel good Friday with a chilly start but in the charts it's getting hotter. Into the markets today, NAS100 price broke a major daily supply zone at 20660.97 & 20409.07 and rallied higher forming new highs. Price rallied 500 pips forming a new ATH at 21220.00 then formed a minor supply zone on H1 & H4 at 21220.00 and 21130.00. Price dropped from the minor H1 & H4 supply zone to the H1 low at 20970.00 then retraced back to supply. Price consolidated between the minor supply zone and the H1 low then eventually broke the H1 low and formed lower lows confirming the bearish sentiment. Took sell positions during NY session at 21065.48 with SL at 21130.00 and a scale-in position at 20970.25 with SL at 21100.04. Setup taken is a rally base drop, a reversal setup and my target is at 20700.00.

Price dropped by a constant push away from supply, gained more bearish momentum taking out the previous H1 low forming lower lows. Price gained more bearish momentum into late NY session and Asian session dropping lower. Price dropped 390 pips hitting my target and still showing more bearish potential. Price has filled the H1 & H4 range back to the major H4 & daily demand zone at 20660.97 & 20409.07 which is the origin of the previous rally to the ATH and the minor H1 & H4 supply zone.