Good morning everyone:
I wanted to do a simple analysis on NAS100 comparing last year with this year's pullback around the same time.
CLOUDS:
Based on the current analysis I expect price next week to maintain at it's current level but there is a lot of upward resistance as we've seen the past few weeks. I strongly believe everything is dependent on how the politics play out the coming week which will determine the direction of price. What drove price down Feb 17th was the COVID crash, what is driving price down this time around seems to be fears of spiking inflation. The recent downward movement is not nearly as strong as the COVID crash, which leads me to believe markets are waiting on how the politics play out.
In conclusion, I am currently neutral and it may be in your best interest to wait for some confirmation before entering bullish/bearish positions. I would say I am leaning bullish since price is currently supporting its current level well based on this analysis.
Thank you for your time and I hope this analysis helps you. Please let me know what you think of this break down. Negative / Positive feedback is greatly appreciated and helps me learn for the better. 👍
I wanted to do a simple analysis on NAS100 comparing last year with this year's pullback around the same time.
CLOUDS:
- EMA 9 WMA 30 - Green/Red
- EMA 50 EMA 100 - Blue/Orange
Based on the current analysis I expect price next week to maintain at it's current level but there is a lot of upward resistance as we've seen the past few weeks. I strongly believe everything is dependent on how the politics play out the coming week which will determine the direction of price. What drove price down Feb 17th was the COVID crash, what is driving price down this time around seems to be fears of spiking inflation. The recent downward movement is not nearly as strong as the COVID crash, which leads me to believe markets are waiting on how the politics play out.
In conclusion, I am currently neutral and it may be in your best interest to wait for some confirmation before entering bullish/bearish positions. I would say I am leaning bullish since price is currently supporting its current level well based on this analysis.
Thank you for your time and I hope this analysis helps you. Please let me know what you think of this break down. Negative / Positive feedback is greatly appreciated and helps me learn for the better. 👍
www.ig.com/en/indice...s-indices/us-spx-500