FX.co ★ Trading plan for NASDAQ on August 31, 2020

Technical outlook:

NASDAQ broke resistance and extended its gains further close to the 12,094 level before pulling back. The index is seen to be trading around the 12,019/20 levels at the moment of writing and is expected to hit a top soon. A close below the 12,000 level today, would produce the shooting star candlestick pattern on the daily chart indicating a potential reversal ahead. Immediate resistance could be marked around 12,100, while support is seen at the 10,700 levels . A break below 10,700 would confirm a major top around the 12,094 level and that bears are back in control. Also note that the support trend line drawn through lows since March 23 around 66,29 would also be broken if NASDAQ drops below 10,700 mark.

Trading plan:

Aggressive traders remain short, stop is at 1,200, target is open.

Good luck!