The tech sector has had a pullback, mainly driven by Facebook and Netflix. Now looks like a good time to reload as we've just hit the 50 Day MA and the bottom of the yellow Channel. This also coincides with the support line taken form the high in March. Markets like to retest previous high's which is healthy. If we break support then I would be looking to stay above 7000, which would still retain the higher low pattern that we've consistently made since April.
Everyone on TV is calling tops in this market. I've seen people calling for a major correction for the past 2 years, and eventually they will be right. But from what I can see there's no solid reason for believing that this uptrend is about to end. I'd rather stick to the trend and be right 90% of the time, and be prepared for a correction if we start seeing some major warning signs. Earnings have been mixed, but overall positive for some of the bigger names like Apple, Amazon, Google etc. Once the uncertainty is over I think the NASDAQ can easily make it to 8000 this year.
Everyone on TV is calling tops in this market. I've seen people calling for a major correction for the past 2 years, and eventually they will be right. But from what I can see there's no solid reason for believing that this uptrend is about to end. I'd rather stick to the trend and be right 90% of the time, and be prepared for a correction if we start seeing some major warning signs. Earnings have been mixed, but overall positive for some of the bigger names like Apple, Amazon, Google etc. Once the uncertainty is over I think the NASDAQ can easily make it to 8000 this year.
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My last idea for the NAS100 which worked out nicely
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We've bounced nicely as expected, just need to see some follow through and push back up to ATH's. If we can hold above 7300 today then we will end on a strong weekly candle, and I would expect continuation into next week.
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We finished with a strong weekly candle on a green 5, so I expect 4 more weeks of upside starting next week.
We finished with a strong weekly candle on a green 5, so I expect 4 more weeks of upside starting next week.
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Looks like the NASDAQ is getting ready for a breakout to ATH's soon. The Bulls are attempting to push higher and 7500 is the short term resistance point. But after an uncertain day yesterday it looks promising at this present time. We will have to see how the day ends, and if we stay above the yellow channel. Looks like we could form an Ascending Triangle pattern, which would lead to a breakout target of around 7800.
Looks like the NASDAQ is getting ready for a breakout to ATH's soon. The Bulls are attempting to push higher and 7500 is the short term resistance point. But after an uncertain day yesterday it looks promising at this present time. We will have to see how the day ends, and if we stay above the yellow channel. Looks like we could form an Ascending Triangle pattern, which would lead to a breakout target of around 7800.
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NASDAQ is moving as anticpated, and looking very good. Strong finish to the week, and the Ascending Triangle has almost formed. To validate it we need to see a breakout. This could come very soon as there's a small Bull Flag is forming on the hourly time frame. However, I would not be worried to see a small retracement down the triangle before heading back up and breaking out.
NASDAQ is moving as anticpated, and looking very good. Strong finish to the week, and the Ascending Triangle has almost formed. To validate it we need to see a breakout. This could come very soon as there's a small Bull Flag is forming on the hourly time frame. However, I would not be worried to see a small retracement down the triangle before heading back up and breaking out.
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The weekly sequential indicator is telling us to be cautious right now, and expect a 1-4 week correction. I have sold some of my positions for now. Anticipating another buying opportunity to start another 9 weekly count. I will be looking for a retracement to the 50 Day MA (not the weekly like we see here) which will signal a potential buying point.
The weekly sequential indicator is telling us to be cautious right now, and expect a 1-4 week correction. I have sold some of my positions for now. Anticipating another buying opportunity to start another 9 weekly count. I will be looking for a retracement to the 50 Day MA (not the weekly like we see here) which will signal a potential buying point.
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UPDATE.
UPDATE.