NASDAQ: Approaching the March 2022 High on Fed week.

Nasdaq is having an enormous rally since last December and the Double Bottom, with even the 1W time frame turning massively overbought (RSI = 74.522, MACD = 645.290, ADX = 53.716). The Double Bottom was formed on the Zone of the All Time High before the COVID crash. The market has filled a massive gap and this is why it has been rising so aggressively since the start of the year. History has shown that overbought levels can extend rallies for a short while before pull backs.

The Resistance ahead of us is R1 (15,280) and the Fed Rate Decision on Wednesday will be critical for the trend of the next 4-5 weeks. A closing above it can target the ATH regardless of the massively overbought technicals. A rejection can start a medium term decline near the Demand Zone. That would be the new entry point for long term investors.


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