Nasdaq short term analysis: possible rally after Apple-led slump

CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
News came out that the US and China are starting negotiation on trade dispute, and Asia markets are mostly up despite slump in US stock market overnight.
With regards to China, the economy is rapidly deteriorating , with December PMI flashing below 50, the level that defines contraction and expansion. The US is the largest export country for China, so that the Chinese government is incentivized to make a deal with President Trump. The US, on the contrary, stock market is the pillar of capital market and personal wealth. The sever dropping in Nasdaq and SP500 will probably mount considerable measure to President Trump , as he considered the booming stock market as one of his great " achievements ". In light of recent turmoil and uncertainties, I'd say the US would also like to make a deal to prop up market sentiment.
Technically, the recent recovery is just a short covering practice. I expect more selling taking place, once the economy indicator worsen or trade talks run short of expectations.




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