Last words from the last analysis were: "be cautious as volatility will spike!"
And Powelll delivered a strong stance which blew volatility to a monthly high, up 17% for the VIX.
The weekly NASDAQ chart completed the bearish candlestick pattern on a 55EMA failure, and sliced through the 13K support. This is totally not bullish for the next couple of weeks.
Downside targets now appear the last low (in October) or a more ominous symmetry projection farther down at 9.5K. The weekly technical indicators currently do not suggest enough bearish power to reach there (yet) and 11.5K higher low appears plausible at the moment. Thing is... next month's Fed meet will firmly provide enough volatility for the next few weeks.
The NASDAQ daily chart demonstrates how a reality statement could drive home a message. It can in the form of a Bearish Engulfing, that broke down the 13K support and 55EMA, forming a lower high. Bearish technical indicators have been suggesting this for the past week or two, so should not be much surprise here.
Both daily and weekly charts are aligned in bearish tones (as expected earlier), so perhaps an early week technical bounce, and then later week, or the week after, push down is likely...
And Powelll delivered a strong stance which blew volatility to a monthly high, up 17% for the VIX.
The weekly NASDAQ chart completed the bearish candlestick pattern on a 55EMA failure, and sliced through the 13K support. This is totally not bullish for the next couple of weeks.
Downside targets now appear the last low (in October) or a more ominous symmetry projection farther down at 9.5K. The weekly technical indicators currently do not suggest enough bearish power to reach there (yet) and 11.5K higher low appears plausible at the moment. Thing is... next month's Fed meet will firmly provide enough volatility for the next few weeks.
The NASDAQ daily chart demonstrates how a reality statement could drive home a message. It can in the form of a Bearish Engulfing, that broke down the 13K support and 55EMA, forming a lower high. Bearish technical indicators have been suggesting this for the past week or two, so should not be much surprise here.
Both daily and weekly charts are aligned in bearish tones (as expected earlier), so perhaps an early week technical bounce, and then later week, or the week after, push down is likely...
