hello traders.. the U.S. stock indices have been getting pounded by bearish sentiment related to new war conflicts. Also, they were due for a pullback as things have been quite bullish the last few months. Price currently is testing a Daily support level on Nasdaq at 17,500. The NYSE 1hr candle just closed strong bearish below our Daily support level and we are currently retesting structure to continue bearish. A 4hr zone at 17,410 may be the last hope for bears before another selloff takes place to retrace another 2 percent to 17,164 Daily support level. We currently have bearish momentum in the Risk-On stock markets. We had retail sales come out much better than expected earlier this week but this didnt do much at all for price. Strong jobs data and increasing inflation in recent months have increased price a decent amount and this looks like a healthy pullback for profit taking and liquidations.
Comment:
" A 4hr zone at 17,410 may be the last hope for bears before another selloff takes place to retrace another 2 percent to 17,164 Daily support level."
