Nasdaq is no doubt in a bull market even though it has ranged for the past 2 months and seems to be breaking lower.
However, it has repeatedly create a new wave of rally every times it reaches the black MA, rebounded off, then retest again before it really takes off.
As of now, the market has completed a retest and we are seeing a rebound again which may very well be the beginning of yet another rally to a new high.
This week, we will focus on buying, likely to buy at the beginning as we are expecting little to no retracement before it reaches 16300.
hold on before looking for long trend line or analysis do not work out always news and situation matter alot market needs to stabilize first market made a peak 16760 ish and then drop almost 1700 point and again went to 16000 ish and drop to 15300 ish and now around 15550, when ever market drop more then 1500 points it got stabilized in past (not in pandemic) and went back up and here market went down tried to stabilized and went down so before looking for longs hold for earning or fed interest rate news to pass once market stabilizes then it will go to 17000 ish but until then hold your horses, I am also long on nasdaq in any term, but "price-in" factor is in play right now. my point of view would be price holding 15500, if dropped then 15100 could be again seen, but if price went back to 15700 ish then 16100 could be seen.
PriceUPPer
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17500-17700 correction to 14800 -14300 And one more pump to 19-20k And bear market would start in 2023-2024 2022 is still bullish Sp500 have to go to 5500 drop one more reset 5500-6000 And going down to 2-3k level