Nasdaq 100 bearish sentiments? 📉📉📉

Hello, good day traders! 👋🤙

- Stock indices finished today’s trading session in the red. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 lost 0.13%, 0.39%, and 1.06%, respectively.

- The consumer discretionary sector was the session’s laggard, as it lost 1.46%. Conversely, the consumer staples sector was the session’s leader, with a gain of 0.96%.

- Furthermore, the U.S. 10-Year Treasury yield remained flat at 3.83%. On the other hand, the Two-Year Treasury yield saw a slight increase, as it hovers around 4.56%. This brings the spread between them to -73 basis points.

- Compared to last week, the market is pricing in a higher chance of a higher Fed Funds rate for June 2023. In fact, the market’s expectations for a rate in the range of 5% to 5.25% increased to 41.5% compared to last week’s expectations of 34.9%.

- In addition, the market is now also assigning a 26% probability to a range of 5.25% to 5.5%. For reference, investors had assigned a 22.5% chance last week.

1.) Looking at the H4 chart, price has tapped into my sell entry at 11710.26, where the 38.2% Fibonacci line is located.

2.) I've set a fairly safe stop loss at 12164.90, slightly above where the 50% Fibonacci line is located.

3.) I intend to take a profit at 11037.21, slightly below where the 23.6% Fibonacci line and previous swing low is located.

Sell Entry: 11710.26📈

Take Profit: 11037.21 💲