NDX has followed the same general trends as DJI & SPX, seeing pullbacks as economic reporting comes in (CPI, PPI, DGO, New Home Sales...
The relief rally following the Fed's minimalist 25 bps rate hike has now reversed as markets prepare to absorb March's inflation numbers reporting next week.
Expecting retracement from the blue channel downwards as the FOMC meeting approaches in early May.
Too many fairy tales and no few facts ! Do you already have data on PCI, PPI ? Or did Powell write to you as the Fed raises rates? Did you also look at the 1W chart? don't you think it's oversold?
No NDX / US100 futures are not oversold and the economic trends are clearly supportive of bearish continuation.
Fairy tales and no facts? You're not asserting anything logical.
Weekly chart reflects RSI slumping below midpoint at approx 46 right now and not in oversold territory. Stoch is at centerline, MACD is downward trending in spite of the relief rally after the recent rate hike.
What actions have been taken in earnest to slow inflation? 25 bps rate hike was laughed off by the markets, it's linked above with another idea I've shared.
Chart is bearish, macroeconomic environment trend is bearish with rising bond yields couple with Fed communicating increasing rates and balance sheet reductions. Coupled with inflation, there are significant headwinds... volatility indexes reflect this as well.
R0MM3LL
⋅
@vychod, doesn't look oversold and bearish continuation remains as stocks mark-down.