4H look at the NAS100 with levels

NAS like the ES has a rather ominous look to it. Rolling over with 3 touches at the high and then a break of support into the close today. Here are some areas to the down side I will be watching for a bounce or pause. The 14774.25 is the first key level to test. I don't plan on shorting or hedging this until I see confirmation to the down side. Confirmation for me is a break and then a retest which fails to the upside. Although it looks like and obvious short these are the ones that can tear you face off if support holds because all the shorts will have to cover. Let see what happens.

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For those looking to short you will want to wait for a bounce into yesteday's close or the red box. Targets would be a move back to the low and then the green boxes below. If price drops right a way wait for a bounce back into the ema cloud before entry. A move back above the red box and we are bullish again.

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Coming into a higher probability area to short. Manage risk accordingly.

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Here is a review of the price action to close out Friday. I trade future intra day and this is how I use my zones to pick spots for quick trades. The green box provide a zone to look for a long trade back into resistance. The red box and downward trend line was my target for the bounce and an area to short another down move. These are quick trades that must be planned in advance.

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Note that price pulled back 100 plus points but did not test the low but instead broke back above the tan box. This was a bullish finish to the week. I will post another NAS chart with levels to watch going into Monday.