Curr: Short Looking to: Cover @ 9,878.25
As of 8/7/20 close: 11,122.75
LAST WEEK: We suggested selling NQ futures at 11,200 with stops > 11,500 and with a target of 9,878.25.
UPDATE: NASDAQ 100 are now testing the upper edge of the long-term uptrend channel. The price level at which the channel comes in right now is between 11,250 and 11,300. Given the wave count, we are looking for a pullback from here to either 10,194, 9,858 or 9,521. Based on recent trading activity, we would put the highest likelihood on 9,858 holding up as support. We would look to sell / short NQ futures here with a target for covering at 10,194. We would look to get long at 9,858 with stops < 9,800 and with a tgt. of 11,500.