NQ Short Idea

9 авг.

NQ finally broke below its major uptrend for 2023. This is one of the most important charts right now in my view. This trend break is everything. Despite a big recovery, NQ remains well below this trendline. It has not retested since it broke and it looks like bulls may wanna push it all the way back up for a retest.

I would fully expect a rejection here on the first try, probably a large one, but it could obviously be yet another dip buy for bulls if it does reject. Either way, if bulls can not reclaim this trend, the downside will continue. I think this short would be one of the best opportunities we've seen all year if it goes back for a retest and actually rejects.