Weekly Update: Stay Patient and Let the Market Come to You

Joshua Martinez on October 6, 2022

With a gain of 4.9% for the week to date, the S&P 500 (ES) futures market is having its best week since the week of June 21, just after the June low was set.

That’s keeping the optimism alive for the moment, but it’s important to remember that our multi time frame analysis isn’t totally bullish yet.

The monthly and daily time frames are still moving sideways or lower, which means we are still taking a short-term approach to our trading in those markets.

Even the crude oil (CL) futures market, which is at a low price near its longer-term up trend line, hasn’t confirmed a bullish break at this time.

With that in mind, be patient with your entries, and let the markets come to you rather than trying to chase them in one direction or another.

Now, for all the details on the markets we’re tracking, continue reading our latest analysis below…

Nasdaq 100 Index: Out of the Market

The Nasdaq 100 (NQ) one hour time frame is in a sideways range.

The market hit the top of the range and is showing signs of pushing bearish towards the bottom of the range price point 10,984.50.

**Hourly Nasdaq 100 Futures Price — Source: TradingView**

Because the daily is already at a low price, looking for short ideas now will be higher risk because the daily time frame shows a higher price is to be expected.

However, if a person is okay with higher risk scalp trades, and as long as the market stays below the short term down trend line, it will be an okay idea to turn to the five minute time frame and to look for short ideas towards the one hour support price point 10,984.50.

For our full NQ multi-time frame analysis, click here.

Russell 2000: Waiting to Enter

The Russell 2000 (RTY) one hour time frame is in an up trend. The market is making higher highs and higher lows.

***Hourly Russell 2000 Futures Price — Source: TradingView***

The market has an up Fibonacci extension price point 1,809.80.

Entry: Counter trend line break bullish in the buy zone.

Stop: 1,652.70

Limit: 1,809.80

Once or if the market provides the one hour entry, and as long as the market stays in the buy zone, it will be a good idea to turn to the five minute time frame and to look for long ideas towards the one hour price target.

For our full RTY multi-time frame analysis, click here.

S&P 500: Out of the Market

The S&P 500 (ES) daily time frame is in a down channel.

The market hit the top of the channel and is now pushing bearish, making lower lows and lower highs towards the bottom of the channel.

**Daily S&P 500 Futures Price — Source: TradingView**

There is a down Fibonacci extension price point 3,199.00.

The market is currently moving from a low price towards a high price (ideally near the down trend line).

It will be a good idea to wait for the market to finish pulling back and give a high price before turning to the smaller time frames and looking for selling ideas.

For our full ES multi-time frame analysis, click here.

BTC Futures: Out of the Market

The BTC futures (BTC) daily time frame is in a down trend, making lower lows and lower highs.

There is a down Fibonacci extension below the market at 11,060.00.

***Daily BTC Futures Price — Source: TradingView***

For now, we are out of this market, waiting for the market to hit the down Fibonacci extension.

Then, we will look for the bullish reversal towards the monthly Fibonacci extension.

For our full BTC multi-time frame analysis, click here.

Crude Oil Futures: Waiting to Enter

The crude oil (CL) daily time frame is in an up trend. The market is at a low price hitting the up trend line.

***Daily Crude Oil Futures Price — Source: TradingView***

It will be a good idea to wait for the market to push bullish and close above the short term down trend line before looking for long ideas off the one hour time frame.

For our full CL multi-time frame analysis, click here.