zup

Hanging Man and now an Evening Star (No 3)

NASDAQ:NDX   Nasdaq 100 Index
On TVC:NDX we can see in the chart yesterday - hanging man , now - evening star . This is the 3rd evening star in 2 months and the first after the double top 2-3 weeks ago. We are in a continuous uptrend since 92 bars, the last huge uptrend was from Oct. to Feb. 2019 and lasted 95 bars. So i tend to think this may be overbought.

Comments

One could for sure agree with your analysis and comments. The market is definitely moving like never before. Perhaps the middle-class people who received the cash injection into their income and could not go for holidays, cafes etc. decided to inject it all into FANG and then hope-ing for the best. For sure it has paid off short term as the market has moved like never before even some say without logic but the truth is that many companies are in a solid environment despite COVID.
+1 Reply
zup Holy_Moly
@Holy_Moly, I agree with you. My trades are based on technical analysis and at the moment TA does not work properly.
Reply
@zup, Still moving higher. It is incredible market these days. For sure things are different in Europe. Perhaps this will go on until US presidential elections but who knows. I have been on the sideline and I am in crisis also. Don´t know weather to buy or to sell?
+1 Reply
zup Holy_Moly
@Holy_Moly, I understand your concerns, my portfolio is currently build in € stocks (i am from Europe and the $ is getting weaker). Additionally i am extreme cautious with my stop-losses. One analyst wrote these days "there is currently no argument to buy, except for the momentum, and this can last a long long time"
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Three items this week my play out = (1) Thursday Weekly unemployment and (2) Friday Monthly unemployment numbers are jarring
Last report of rising numbers was a wake-up call. (3) Friday NO Stimulus and they go home Aug 7th. So here is hoping. Cause I am going to be BROKE before I live to be Right :-)
+1 Reply
zup SeattleGuy
@SeattleGuy, Is also think riseing unemployment and no stimulus will have an impact. An unemployed person who lives on state aid will no longer buy a 2nd, 3rd smartphone online.
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Buy
+1 Reply
zup KrisForex
@KrisForex, not now
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