Russia-Ukraine war caused further Nasdaq 100 drop following Fed planned interest rate drop. These followed 27 Dec second (double) top in index.
I predict we will see a final rally in the Nasdaq 100 (and in correlation the S&P 500). However I think this will rally to below the lower trendline of the channel of the index (when viewed on log chart to eliminate what was otherwise a parabolic uptrend on non-log chart). This will coincide with a rejection at a level a bit lower than the previous double tops on 19 Nov & 27 Dec. So the Nasdaq being rejeccted in the approx range of 16000-16500 points (and the correlated S&P500 being rejected in the 4700-4800 points range).
So this is my predition: short term bullism. Medium term bearish: a kiss of death on the bottom of the previous bull market channel (Apr 2020 to Jan 2022 within, before correcting below channel).
I predict we will see a final rally in the Nasdaq 100 (and in correlation the S&P 500). However I think this will rally to below the lower trendline of the channel of the index (when viewed on log chart to eliminate what was otherwise a parabolic uptrend on non-log chart). This will coincide with a rejection at a level a bit lower than the previous double tops on 19 Nov & 27 Dec. So the Nasdaq being rejeccted in the approx range of 16000-16500 points (and the correlated S&P500 being rejected in the 4700-4800 points range).
So this is my predition: short term bullism. Medium term bearish: a kiss of death on the bottom of the previous bull market channel (Apr 2020 to Jan 2022 within, before correcting below channel).