Nasdaq 100 has rallied strongly today, as bargain hunters in technology stocks
sensing that the envelope had been pushed too far to the sell side,
immediately took advantage of yesterday's move down to key 7300 NDX Support,
and have bid up technology from the Open this morning.
Today's rally has pushed the Nasdaq 100 right back up to resistance at 7450.
Its a good news, potential bad news rally for the bulls.
Yes important support has held, without breaking down, and price has rallied,
with 30 Minute RSI showing some potentially important short term bullish divergences
However, important resistance above has also capped the rally this afternoon.
Thus,it appears that today's upside move in NDX is somewhat a mixed bag.
which has not changed, the bearish chart structure in place, from yesterday's decline.
In football, they call that a punt.
NDX Last 7420
THE_UNWIND
5/14/19
NEW YORK
sensing that the envelope had been pushed too far to the sell side,
immediately took advantage of yesterday's move down to key 7300 NDX Support,
and have bid up technology from the Open this morning.
Today's rally has pushed the Nasdaq 100 right back up to resistance at 7450.
Its a good news, potential bad news rally for the bulls.
Yes important support has held, without breaking down, and price has rallied,
with 30 Minute RSI showing some potentially important short term bullish divergences
However, important resistance above has also capped the rally this afternoon.
Thus,it appears that today's upside move in NDX is somewhat a mixed bag.
which has not changed, the bearish chart structure in place, from yesterday's decline.
In football, they call that a punt.
NDX Last 7420
THE_UNWIND
5/14/19
NEW YORK