$NDX Ready For a Pullback? That Could Be Healthy
While the market "may" be ready for a pullback. Here are some levels to keep in mind:
21 Day EMA 14,546
50 Day SMA 13,986
Bottom Trend Channel 13,825
A pullback to any of these areas while painful would not negate this Secular Bull Run that may run for a few years, all TBD. I'm simply giving out food for thought. I am not predicting anything. Just keeping open to a wide range of outcomes. All this said, I have been moving to cash all week. I'm now about 90% cash and ready for when the market resumes it's uptrend.
21 Day EMA 14,546
50 Day SMA 13,986
Bottom Trend Channel 13,825
A pullback to any of these areas while painful would not negate this Secular Bull Run that may run for a few years, all TBD. I'm simply giving out food for thought. I am not predicting anything. Just keeping open to a wide range of outcomes. All this said, I have been moving to cash all week. I'm now about 90% cash and ready for when the market resumes it's uptrend.
Comment:
When you look at the chart it does not look like it’s breaking down. However, if you are like me and trading high beta / growth names, the market leaders, you are feeling pain. I’d simply say be aware that there my be more deterioration coming to the broader market. Not a prediction, just a heads up.
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I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.