2025-06-03 - priceactiontds - daily update - nasdaqMicro E-mini Nasdaq-100 Index FuturesCME_MINI:MNQ1!priceactiontdsGood Evening and I hope you are well. comment: Bulls buy every dip and so should you, until it stops working. Clear target above and also clear invalidation level below us. Trade the wedge. current market cycle: trading range key levels: 20700 - 22000 bull case: Bulls will likely get a third leg up tomorrow and if they want it bad, we could accelerate upwards for 22000. Right now the wedge is clear but if we get so close to 22000, I doubt market will hesitate to print it. Bulls have to stay above 21500 or risk a deeper pullback to 21300 and I don’t know if they could do 22000 afterwards. If we print below 21500, I think I’d expect a lower high below 21800 but for now they are in full control and are favored for 22000. Invalidation is below 21500. bear case: Literally the exact same play every day. Globex and EU sell it, US session pumps. Don’t fight it. Will end soon but just don’t be early. Below 21500 would be a start but only a daily close below 21000 will make me turn bear. Invalidation is above 22100. short term: Neutral because longs above 21650 are bad. Wait for a pullback to 21600 or 21550. Can you make them work? Sure but you would have to have a stop at least 21400 and scale in. Bears have nothing for now. medium-long term - Update from 2024-05-24: Will update this section more after the coming week but in general the thesis is as for dax. Down over the summer and sideways to up into year end. I don’t think the lows for this year are in. trade of the day: Longing the double bottom on the 15m tf on US open at 24500.