First of all I think Baywatch attracted a lot more fans, than probably i-Watch ever will. Apple seems a lot less innovative now. Anyway, this is my own view, of course equity Bulls on Wall Street will all buy iWatches from their annual bonuses, days of Rolex, IWC, etc. are over, iWatch is the one that has value! :-)
Back to Nasdaq100.
Daily: nice long term bullish Ichimoku setup, but there are signs of trend wave exhaustion. Tenkan, Kijun and future Kumo components have become flat line. Pause time? ADX started to decrease a bit. MACD and Slow Stoch turned bearish... who cares, when you'll soon have an iWatch? (I am not an expert of candle patterns, but has been a minor bearish megaphone developing since 27/Aug?) I am sniffing some correction here, possibly down to Kijun Sen at 3975.
4 Hrs: Clearly a sideaway struggling now. Break attempt below the Kumo, but again, the horizontal support (range bottom) has not yet cleared. We have a very thin Kumo now, with flat Tenkan and Kijun, which means these lower supports are extremely weak. DMI zig-zag with very low ADX -> no trend at moment. Level to be watched: 4060
1 Hr: nothing to see here. A complete sideaway noise. Again, the lower level to be watched: 4060.
This index stinks even more than SP500. You know what? Let me have an extreme call this time: zoom out the daily chart... it LOOKS like a BUBBLE! But so far it is a Bubble bath. It will be a real Bubble burst when 3970 and 3860 will be broken.
Comments
A-shot
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On daily, its trading near resistance with high indicators. A healthy correction would be long awaited, especially for a new rally. I can see it going up, but not rallying, and it has been a while it went down - and you know what they say, you cant be going too high up. Still, it would be a huge surprise if it would rally up and bust the trend - but we would need something exceptional for that. what can that be?
Kumowizard
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that's the nature of Black Swans. You never know when and you never now what could cause a reversal.
So far I look for the correction only too. Trend reversal we can talk about at the time it happens, not sooner.
Btw not just Nas100, but also USD would need some kind of correction now.
A-shot
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It looks like an unprecedented run up for both, and all markets - although im a newbie in this, but within my time i have seen several corrective pull-downs and it feels like one is needed now. Biotech has ran up as well.