S&P 500 and NASDAQ 100 Forecast September 11, 2020

by birtanpublished on October 3, 2020

from daily 4x this is chris i'm taking a look at the indices and the e-mini contracts in america this is the s p 500 you can see that we have fallen a bit during the trading session to reach down towards the 50-day ema and what can best uh be described as massive noise now i think at this point we are looking at a scenario where you're probably best to sit on the sidelines on on friday and see which way we break out of this and on top of that i would wait for some

Type of daily clothes if we break down then 3200 your next potential buying opportunity if we break up and clear the highs of the last couple days on a daily close then that's a sign that's a good sign that means people are willing to jump into the market hang on to it through the weekend which of course would show a little bit of resiliency and confidence right now there is a little bit of a trend line sitting right here as well so in this scenario you're better off letting the market dictate

What it wants to do and just following right along uh the nasdaq 100 kind of in the same boat i mean it's you could make you can definitely make an argument for a trend line i suspect the channel is probably blown 11 000 the 50-day ema again it's just you know see which way we close i think that's going to be your tail if we break down and we close below 11 000 we're going to go lower another 500 maybe even thousand points if we can break out to the upside then we're more than

Likely going to go to 12 000 i just don't think trading these markets on friday is going to make much sense from a risk control perspective you

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