Hello traders and investors! Let’s see how the IXIC is doing today, look at the main catalysts and study some sectors!
The Nasdaq is still in a delicate situation, but it is recovering nicely. We have a gap to fill 14,823, and despite the crash seen yesterday, the situation is under control.
However, if we lose the 21 ema along with today’s low, we might seek the support at 14,511 again. This wouldn’t be enough to reverse the bullish bias, but would weaken it for sure.
Yesterday we just retested the 21 ema in the daily chart, and we are bouncing back up already. There is the possibility of a bearish structure around, but as long as we don’t see a clear reversal occurring, we can’t assume anything yet. The NDX has been doing many bear traps since April last year.
Today is a curious day, as the FAANGs are underperforming the index. If the FAANGs correct more, probably we’ll see the Nasdaq suffering a little bit too, but keep in mind that the bias is still bullish on the Big Ones. The next chart sums all the FAANGs in only one:
Maybe the 21 ema will be the next target in the next few days. But what amazes me is the EV sector, which is beating the IXIC. Aside from TSLA, they are all Chinese, so this makes the reading biased, but it is interesting that the sector seem to be ready for a bullish reversal, and we have a Descending Triangle there:
The most famous Chinese stocks (aside the EV stocks) are beating the market a lot too, going up more than 7%, after yesterday’s crash:
However, what’s interesting is that the gaming sector is also quite strong, going up more than 2% today.
I wouldn’t say that the FAANGs are not strong anymore, because they are. It just seems that today’s volatility made other sectors appear more interesting against them. Yesterday the Chinese stocks underperformed the market, so it seems today’s movement is about right.
There are many good stocks around, trading at appealing levels, even among the tech stocks. We just need to search for them.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if you liked it!
Thank you very much!
The Nasdaq is still in a delicate situation, but it is recovering nicely. We have a gap to fill 14,823, and despite the crash seen yesterday, the situation is under control.
However, if we lose the 21 ema along with today’s low, we might seek the support at 14,511 again. This wouldn’t be enough to reverse the bullish bias, but would weaken it for sure.
Yesterday we just retested the 21 ema in the daily chart, and we are bouncing back up already. There is the possibility of a bearish structure around, but as long as we don’t see a clear reversal occurring, we can’t assume anything yet. The NDX has been doing many bear traps since April last year.
Today is a curious day, as the FAANGs are underperforming the index. If the FAANGs correct more, probably we’ll see the Nasdaq suffering a little bit too, but keep in mind that the bias is still bullish on the Big Ones. The next chart sums all the FAANGs in only one:
Maybe the 21 ema will be the next target in the next few days. But what amazes me is the EV sector, which is beating the IXIC. Aside from TSLA, they are all Chinese, so this makes the reading biased, but it is interesting that the sector seem to be ready for a bullish reversal, and we have a Descending Triangle there:
The most famous Chinese stocks (aside the EV stocks) are beating the market a lot too, going up more than 7%, after yesterday’s crash:
However, what’s interesting is that the gaming sector is also quite strong, going up more than 2% today.
I wouldn’t say that the FAANGs are not strong anymore, because they are. It just seems that today’s volatility made other sectors appear more interesting against them. Yesterday the Chinese stocks underperformed the market, so it seems today’s movement is about right.
There are many good stocks around, trading at appealing levels, even among the tech stocks. We just need to search for them.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if you liked it!
Thank you very much!
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💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
