NASDAQ (04/13/2020) - A short bounce following by a drop.
FA
-Bullish factor:
+ Stimulus money is being distributed (Direct deposit). IRS will open a portal for taxpayers to enter direct deposit information in Mid April. More info on Irs.gov
+ Oil production cut 9.7 million barrels per day. Effective dates: May 1st, 2020. Until then, oil is still cheap.
+ Covid-19 cases are slowing down.
+ Trump administration is considering opening the economy at the beginning of May.
+ FED is pumping money into the stock market again.
- Bearish factor:
+ Earnings Q1
+ Unemployment rates. Expecting to have 4 million more jobless claims this week. 20 million unemployed in total.
+ Deflation is coming. As unemployment rises, fewer people are willing to pay extra money for products.
+ Small businesses are taking damage.
+ US debt is now more than 24 trillion dollars.
+ USD value dropped on Friday.
TA
+ A "M" is forming in RSI. When it finishes the "M", there will be a drop.
+ NASDAQ didn't break the resistance line (Light Blue). There will be a little room for the bullish trend
+ 50/50 in bearish or bullish. To 2888 level or Retesting 1990 level.
+ Artificial growth is coming to an end. Please don't hold long positions overnight.
Good luck
-Bullish factor:
+ Stimulus money is being distributed (Direct deposit). IRS will open a portal for taxpayers to enter direct deposit information in Mid April. More info on Irs.gov
+ Oil production cut 9.7 million barrels per day. Effective dates: May 1st, 2020. Until then, oil is still cheap.
+ Covid-19 cases are slowing down.
+ Trump administration is considering opening the economy at the beginning of May.
+ FED is pumping money into the stock market again.
- Bearish factor:
+ Earnings Q1
+ Unemployment rates. Expecting to have 4 million more jobless claims this week. 20 million unemployed in total.
+ Deflation is coming. As unemployment rises, fewer people are willing to pay extra money for products.
+ Small businesses are taking damage.
+ US debt is now more than 24 trillion dollars.
+ USD value dropped on Friday.
TA
+ A "M" is forming in RSI. When it finishes the "M", there will be a drop.
+ NASDAQ didn't break the resistance line (Light Blue). There will be a little room for the bullish trend
+ 50/50 in bearish or bullish. To 2888 level or Retesting 1990 level.
+ Artificial growth is coming to an end. Please don't hold long positions overnight.
Good luck