daily price action after hour update - nasdaq
Good evening and i hope you are well.
After yesterdays bear surprise (no new ath - big surprise), we got an expected inside bar on most daily charts. I expect another leg down this week, followed by more trading range price action (could chop before too though).
nasdaq
bull case: Bulls want to reverse the sell off from Tuesday and keep this a trading range at the highs. They are trading above the daily 20ema and market is therefore bullish. They also closed above 18000, which in itself is still extremely bullish. BTFD is still on, range is just smaller and no new daily ath.
bear case: Bears kept the market below 18160 which i think is an important price. They also closed below the open and below the 1h 20ema. Thy want a retest of the lows 17832 again and a close below the daily 20ema around 17900. They see the price action today as a bear flag and the selling pressure is actually there, compared to last week.
short term: neutral until ECB presser and Fridays NFP - will probably range between 17830 - 18200
medium-long term: same as dax - the weekly chart gives nothing but bullishness so higher prices are expected. my long term outlook stays bearish and i expect at least a -30% correction in 2024.
trade of the day: very tricky day. big sell spikes which got all stops but bulls kept buying until retest of yesterdays open - there was a double top on the 15m tf then and it was a good short around 18160. have to be humble on these days
After yesterdays bear surprise (no new ath - big surprise), we got an expected inside bar on most daily charts. I expect another leg down this week, followed by more trading range price action (could chop before too though).
nasdaq
bull case: Bulls want to reverse the sell off from Tuesday and keep this a trading range at the highs. They are trading above the daily 20ema and market is therefore bullish. They also closed above 18000, which in itself is still extremely bullish. BTFD is still on, range is just smaller and no new daily ath.
bear case: Bears kept the market below 18160 which i think is an important price. They also closed below the open and below the 1h 20ema. Thy want a retest of the lows 17832 again and a close below the daily 20ema around 17900. They see the price action today as a bear flag and the selling pressure is actually there, compared to last week.
short term: neutral until ECB presser and Fridays NFP - will probably range between 17830 - 18200
medium-long term: same as dax - the weekly chart gives nothing but bullishness so higher prices are expected. my long term outlook stays bearish and i expect at least a -30% correction in 2024.
trade of the day: very tricky day. big sell spikes which got all stops but bulls kept buying until retest of yesterdays open - there was a double top on the 15m tf then and it was a good short around 18160. have to be humble on these days