15 YEAR NASDAQ WEEKLY at HUGE Resistance - Selloff coming??
Title says it succinctly right there. Similar chart that I posted for S&P. But even more impressive to me.
Details: This 15 YEAR WEEKLY chart shows MACD on top and Price on bottom. For those BULLS saying we have a V shaped recovery and the market is going higher look at this WEEKLY chart and resistance levels. Notice that weekly 39 EMA correlates well with market direction for the last 20 years.
On the MACD the Blue line shows its JUST above ZERO which is a NEW weekly uptrend.....REALLY?? (These are just 2 ways to show trend direction and resistance and support)
Anyway, Notice that we are at a band of horizontal resistance (light blue lines) and at the SAME TIME rising uptrend top/resistance of one of the upper channel.
Selloff coming?? I think very soon. Good luck.
Details: This 15 YEAR WEEKLY chart shows MACD on top and Price on bottom. For those BULLS saying we have a V shaped recovery and the market is going higher look at this WEEKLY chart and resistance levels. Notice that weekly 39 EMA correlates well with market direction for the last 20 years.
On the MACD the Blue line shows its JUST above ZERO which is a NEW weekly uptrend.....REALLY?? (These are just 2 ways to show trend direction and resistance and support)
Anyway, Notice that we are at a band of horizontal resistance (light blue lines) and at the SAME TIME rising uptrend top/resistance of one of the upper channel.
Selloff coming?? I think very soon. Good luck.
Comment:
Looks like today was the reversal day. Did you SELL?? Notice that NASDAQ had been the leader all along and now it "leads" us lower with 1.4% drop where SPX and DJIA dropped 0.4% and 0.13% respectively. Volatility likely to return with a vengeance. Good Luck.