Nasdaq

There is a potential shorting opportunity shaping up in the mini NASD 100 contract. The past 5 trading sessions have produced 2 doji candles and back to back shooting stars all around a confluence of pivot points. This recent up move is losing steam as also confirmed by the loss of momentum in the MACD. I'm looking to initiate a short position under 1598.50. If we can get a close below this level it will be the first lower closing day in a couple weeks and will be a second consecutive bearish closing candle. This would confirm the uptrend is over and a retracement of some kind is coming. Also, keep an eye out for a MACD and 80 Stochastic level cross. The first level of significant support comes in around 1575-1580 level, then around the 1545-1550 level. Stiff resistance around 1626-1632 levels. I like a stop placement above 1632 and a initial target of 1515.