I promised to share my thoughts on NASDAQ market. About S&P 500, you can read my thoughts in the post from the related ideas.
About NASDAQ, the market bounced from the bottom at 6605 and made a good upside movement. The question is, will the market be able to develop the uptrend?
From my point of view, we don't have fundamental reasons to reach ATH at 9750. Of course, it is possible, but it won't be logical.
The price broke the local uptrend line and it gave a bearish signal. MACD is going to support a downside movement. DMI does not confirm the strength of buyers. We will probably see an attempt to reach 9200 and break it. But I'm not sure that it will be a successful attempt.
The price reversal from that zone will give selling opportunities in the daily and hourly charts.
From my point of view, the market is good for selling but not for buying.
If you have another point of view, share your ideas below this post.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
About NASDAQ, the market bounced from the bottom at 6605 and made a good upside movement. The question is, will the market be able to develop the uptrend?
From my point of view, we don't have fundamental reasons to reach ATH at 9750. Of course, it is possible, but it won't be logical.
The price broke the local uptrend line and it gave a bearish signal. MACD is going to support a downside movement. DMI does not confirm the strength of buyers. We will probably see an attempt to reach 9200 and break it. But I'm not sure that it will be a successful attempt.
The price reversal from that zone will give selling opportunities in the daily and hourly charts.
From my point of view, the market is good for selling but not for buying.
If you have another point of view, share your ideas below this post.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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