Daily analysis and trade setups on NASDAQ 20220803

Happy Midweek.

We are still trying to resolve the indecision of Monday at 12960. Bulls want to move & close above 12960 and bears want to move & close below 12895. This 65 point range is knowns as Amateur Trader's stop out hell.

Macro: DE - Trade Balance, BME PMI, EUR - PMI, Retail Sales***, US - PMI, Factory Orders, Services Employment Index, New Orders, PMI***, Prices Paid

The trading setups are based on the premise that NASDAQ is still going to range. However, in case of strong trend move, consider Green Goblin & confluence charts for further levels

Buy
Break: 12970, 13025, 13065
Reversal: 12910, 12830, 12770, 12680, 12570

Sell
Break: 12915, 12870, 12830, 12800
Reversal: 12970, 13050, 13085, 13125, 13200

Green goblin chart is here >>>

TIFibs confluence levels are here >>>

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Published wrong chart. The levels are in this chart>>>

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This is how market reacted to the levels identified