{"id":190805,"date":"2023-09-23T07:00:00","date_gmt":"2023-09-23T14:00:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=190805"},"modified":"2023-09-23T07:28:25","modified_gmt":"2023-09-23T14:28:25","slug":"nasdaq-100-second-leg-down-from-7-31-is-confirmed","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/nasdaq-100-second-leg-down-from-7-31-is-confirmed\/","title":{"rendered":"Nasdaq 100 Second Leg Down from 7\/31 Is Confirmed"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: NASDAQ 100 Emini Futures<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.investing.com\/indices\/nq-100-futures\" data-type=\"link\" data-id=\"https:\/\/www.investing.com\/indices\/nq-100-futures\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>NASDAQ Emini<\/strong> futures<\/a> week is a strong bear trend bar closing on its low approaching support at the weekly exponential moving average (EMA). The second leg down from 7\/31 is confirmed. In other words, the first move down was from 7\/31, and now the 2nd leg is confirmed.<\/p>\n\n\n\n<p>On the daily chart, this week is a strong second leg down with gaps. It is a correction expected from the wedge mentioned in <a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/nasdaq-100-three-pushes-up-from-8-18\/\" data-type=\"link\" data-id=\"https:\/\/www.brookstradingcourse.com\/analysis\/nasdaq-100-three-pushes-up-from-8-18\/\" target=\"_blank\" rel=\"noreferrer noopener\">last week&#8217;s report<\/a>. Looking back, the daily chart looks like a trading range since June, with market approaching the low of that range.<\/p>\n\n\n\n<p>Next week is the last trading week of the month and the quarter. The monthly bar so far is a strong bear bar. Bears want to close the month on its low, while bulls want a tail at the bottom just like last month. Bulls also want the close above the low of July \u2013 15063.25, which is technically the sell signal bar (although a bad one since it\u2019s a bull bar).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">NASDAQ 100 Emini futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> NASDAQ chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-strong-bear-bar-in-2nd-leg.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-strong-bear-bar-in-2nd-leg-680x383.jpg\" alt=\"Nasdaq Weekly Strong bear bar in 2nd leg\" class=\"wp-image-190841\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-strong-bear-bar-in-2nd-leg-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-strong-bear-bar-in-2nd-leg-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-strong-bear-bar-in-2nd-leg-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-strong-bear-bar-in-2nd-leg-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-strong-bear-bar-in-2nd-leg.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The week is a strong bear trend bar approaching the weekly EMA closing on its low.<\/li>\n\n\n\n<li>It is a breakout bar after the sell signal bar last week, indicating this is the 2<sup>nd<\/sup> leg down after the first leg down from 7\/31.<\/li>\n\n\n\n<li>Now the bears need a follow-through bar to convince sellers of more down.<\/li>\n\n\n\n<li>This is less likely since the weekly EMA should act as support. This is the first time the market would be approaching the EMA since early March.<\/li>\n\n\n\n<li>At the same time, the 2nd leg is strong enough that there will likely be another leg down.<\/li>\n\n\n\n<li>We are back in the area of the bull gap from March 2022. Bears had a small overlap with it the week of 8\/14.<\/li>\n\n\n\n<li>To effectively call the gap closed, bears need a couple of bear closes below that gap.<\/li>\n\n\n\n<li>If bulls can go up from here, the body gap close would be a considered a negative gap \u2013 a small overlap, but trend resumption up.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Daily<\/em> NASDAQ chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Daily-trading-range-since-June.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Daily-trading-range-since-June-680x383.jpg\" alt=\"Nasdaq Daily Trading range since June\" class=\"wp-image-190844\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Daily-trading-range-since-June-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Daily-trading-range-since-June-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Daily-trading-range-since-June-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Daily-trading-range-since-June-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Daily-trading-range-since-June.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Friday is a doji bear bar overlapping Thursday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/nasdaq-100-three-pushes-up-from-8-18\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.brookstradingcourse.com\/analysis\/nasdaq-100-three-pushes-up-from-8-18\/\" rel=\"noreferrer noopener\">Last week\u2019s report<\/a> mentioned that the daily chart looked like a wedge bear flag (WBRF) \u2013 3 pushes up, but with bad sell signal bars.<\/li>\n\n\n\n<li>This week the daily chart had a two-legged correction from that wedge.<\/li>\n\n\n\n<li>The second leg of this correction is especially strong breakout with follow-through, so it will likely have another leg down.<\/li>\n\n\n\n<li>Monday was a bull reversal bar just above the daily EMA and near the bottom of Friday which was a big bear bar.<\/li>\n\n\n\n<li>The market did not trigger the reversal bar Monday.<\/li>\n\n\n\n<li>Tuesday went lower and formed another bull reversal bar this time below the EMA.<\/li>\n\n\n\n<li>Wednesday triggered the Tuesday reversal bar but ended up as a big outside down day closing below Tuesday\u2019s low by more than it went above Tuesday\u2019s high.<\/li>\n\n\n\n<li>This was the start of the 2<sup>nd<\/sup> leg down.<\/li>\n\n\n\n<li>There was an opportunity here for a double bottom with 9\/7, but Thursday gapped down far below Wednesday and 9\/7.<\/li>\n\n\n\n<li>There were likely buyers below 8\/28 which was a strong bull bar, who are now possibly trapped.<\/li>\n\n\n\n<li>The market should let them get out break-even or with a scalp profit.<\/li>\n\n\n\n<li>If the market goes as high as the low of the Wednesday outside down day, there should be sellers.<\/li>\n\n\n\n<li>All of this will likely result in another leg down.<\/li>\n\n\n\n<li>Bulls hope for a Wedge bull flag and a double bottom with 8\/18.<\/li>\n\n\n\n<li>That would essentially make the market in a big trading range since June, and we would be at the bottom of the trading range.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all weekend reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: NASDAQ 100 Emini Futures The NASDAQ Emini futures week is a strong bear trend bar closing on its low approaching support at the weekly exponential moving average (EMA). The second leg down from 7\/31 is confirmed. In other words, the first move down was from 7\/31, and now the 2nd leg is confirmed. [&hellip;]<\/p>\n","protected":false},"author":3331,"featured_media":190841,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[136,1849],"tags":[1850],"class_list":{"0":"post-190805","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-analysis","8":"category-nasdaq-100","9":"tag-nasdaq-100","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-strong-bear-bar-in-2nd-leg.jpg","author_info":{"display_name":"Rajesh","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/rajeshh_98yahoo-com\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/190805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/3331"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=190805"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/190805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/190841"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=190805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=190805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=190805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}