The Nasdaq futures contracts are just near their 0.618 weekly Fibonacci level. Since this is the weekly timeframe, expect a lot of chopp in the coming months. We are very likely to fall back to 12,000 levels from here. And Given the high-interest rate environment is yet to digest the elevated rates, expect and a lot of Chop from here.
12000? Most of the indicators point in the same direction! Daring! lol ...Can it jump higher and higher before it decreases?! (a bull trap)
TradesByAdvait
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@Trebor74, Yes indeed it can. But for that, we need some really good catalyst in near term. And unfortunately I don't see this coming. so Stagflation is going to be real and that will have a choppy impact on the directionLESS markets. If Fed is able to engineer the SOFT LANding then your thesis will come true. Hope that helps
From mod @zAngus