NASDAQ Forming the 1st 1D Golden Cross since May 2020!

Nasdaq (NDX) hit our first target (12370) on last week's analysis and as the condition for the next one wasn't fulfilled (closing a candle above Resistance 1 (12230)), we didn't re-buy:


This week comes with even stronger technical news as despite yesterday's Powell driven rejection, the index is about to form a 1D Golden Cross, the first since May 22 2020! That alone is a major bullish signal for the long-term and as even the 4H MA50 (red trend-line) is supporting, we are buying again with Target 1 being the same (12370). As mentioned previously, if a candle closes above Resistance 1, we will enter another buy targeting 12740 (slightly below Resistance 2).

Note that even though this is a Channel Down pattern since the February 02 High (see how perfectly all candles have closed within the pattern), it is the 1D Golden Cross as well as the Higher Lows on the 1D RSI that are making us believe a bullish reversal is emerging.

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