Nasdaq100 (NQ) Testing Weekly Chart Upchannel Resistance
The Nasdaq100 (NQ) is tiring after edging to a fresh 2021 high yesterday, increasingly vulnerable to a sharp reversal. Significantly, NQ is bumping up against uptrend resistance (on the daily chart) and upchannel resistance (on the weekly chart). Odds of a February or April-magnitude correction will be high on any daily close below the psychologically key 15k whole figure level. The weekly, daily and 4hr RSI, Stochastics and MACD are tiring or overbought. I am looking to go short in the red zone (of the daily chart), targeting the green zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
