SviCapital

NQ1!, Pullback-Continuation to Watch

CME_MINI:NQ1!   Futures NASDAQ 100 E-MINI
The upswing initiated back in May remains intact. The most recent shallow pullback (23.6%) is complete and the price broke the upper edge of the consolidation. At this point a continuation is expected aiming to reach 15500. The price may return to retest the breakout area to either confirm or invalidate the intent. This is the price-action 101. Too many traders expect a correction to start and this is what continues fueling the bulls. In my view, failure to continue and return back into the broken balance would be a consideration for a potential correction start.
The next week the mega-techs are reporting. I expect a spike in volatility.

07/25/2021

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