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Nasdaq Composite Index CFD

Trend Lines, Support, Resistance for 10/13Trend lines drawn from 9/3 (28d), 9/24 bottom (14d), 10/7 (5d) and today 10/13 (1 day). The Nasdaq took a breather from the previous days big gains. The index dropped back -0.1% with an inside day. The 30% red body shows some indecision throughout the day with a lean toward bearish in the 34% closing range. It would be better to have that closing range be at least 40% to show more bullish support. Lower volume on the index is good given the bearishness, but SPX had higher volume with a significantly bearish movement. Declining stocks outnumbered advancing stocks at a ratio of 3:2. Continuing today's sideways move would land the index in nearly the same spot tomorrow and also join up with the longer trend from the the 9/23 bottom. Picking back up the 5 day trend would result in a +2.20% gain and a new all time high. There is likely to be more resistance as we approach that level. So I'd expect any gains to be contained within 1.5%, just under the previous all time high. Given the indecisive Tuesday, a more severe pullback is also a possibility. Meeting back up with the trend from early September would result in a -3.67% loss where the index would find support from October trading ranges. I'm keeping the June Support line in view, but its now almost 16% below the Tuesday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
Nasdaq's Breakout ExplainedThe Nasdaq Index (IXIC) opened with a 2.56% rise yesterday, over performing the S&P 500 Index (SPX), which rose by 1.64%, and the Dow Jones Industrial Average (DJI), which rose by 0.88%. Markets closed at 11,876.26, marking the third record for the highest percentage move since April 29. Apple (AAPL) rose by 6.4%, Amazon (AMZN) and Facebook (FB) moved over 4%. Google (GOOG) and Microsoft (MSFT) also made 2-3% moves. Did tech stocks move due to projections that Biden might lose? That doesn't seem to be the case, because Biden is still winning the polls by 10%p. In this post, I'll be providing an in-depth explanation on what drove the market's bullish momentum 1. Apple and Amazon as catalysts - Apple will be revealing its first phone with a 5g feature on the 13th. - Experts anticipate that Apple will generate record sales through their new iPhone. - Apple's cycle demonstrates that the company has released massively innovative products every 3-4 years, which increased both the company's revenue and the stock's price - Amazon will also be initiating "Prime Day", for 48 hours, starting on the 13th - Due to the Coronavirus pandemic, experts anticipate that the revenue generated from this event will outperform the record from last year's Prime Day. - As a result, we could expect higher earnings for Q4 2020. 2. Strong Earnings from Tech Stocks - As I have previously mentioned in my other analysis, despite what seems to be a bubble, tech stocks are actually reporting solid returns every quarter - This is especially true because most of the major tech stocks were barely hit by the viral outbreak, if not benefiting from it. - Earnings for companies listed on the S&P500 Index are anticipated to report a 20% reduction - Meanwhile, JP Morgan (JPM) has stated that Apple, Amazon, Microsoft, Facebook, and Google will possibly report a 13% increase in revenue, and 1% increase in net profits for Q3 2020. 3. Futures and Options Short Squeeze - Due to the strong breakout that took place in the market today, a short squeeze took place, adding more momentum to the market - Bloomberg also revealed the existence of a new entity that purchased a tremendous amount of call options for tech stocks - This indicates that financial institutions who hold put options have to purchase tech stocks to hedge their positions. - What happened in the futures and options market was especially important, as the stock market's volume decreased recently, providing an environment for stock prices to be heavily influenced by financial derivatives 4. Presidential Elections Projection - I've recently done an analysis on the 450-page long report by the House of Representatives, which you can read more about below. - However, despite the FUD, it seems that even with Biden winning the elections, not much will be done to these mega tech giants - Tech companies generally tend to be friendly to the democratic party, and to split up these tech giants that are responsible for the foundation of the American economy does not make much sense from the context of the battle against China's attempt for IT hegemony. - As a result, the initial claim that Biden winning the elections would be bad for the stock market is losing its stance Technical Analysis - Technical Analysis also demonstrates strong bullish momentum - The 20 Simple Moving Average (SMA) has bounced on the 60 SMA, with the 100 SMA located at the bottom - The alignment of the moving averages demonstrate that the trend is clearly an uptrend - The Moving Average Convergence Divergence (MACD) has also formed a golden cross, and continues to demonstrate increasing bullish histograms - The Relative Strength Index (RSI) demonstrates higher lows and higher highs - Prices are getting closer to its historical high, and could potentially break through to create new all time highs, given that the trend is supported by sufficient momentum and strength. Conclusion Despite the fear, uncertainty, and doubt in the stock market posed not only by the Coronavirus pandemic, but also uncertainty regarding the presidential elections, the fundamentals of the companies that constitute the stock market remain strong, and tech stocks in particular, continue to demonstrate a bullish outlook for the future. If you like this analysis, please make sure to like the post, and follow for more quality content! I would also appreciate it if you could leave a comment below with some original insight.
TVC:IXIC
by Michael_Wang_Official
14
Trend Lines, Support, Resistance for 10/12 (Republish)(Publishing this again due to errors in my indicator) Trend lines drawn from 9/3 (27d), 9/24 bottom (13d), 10/6 (5d) and today 10/12 (1 day). It was a magnificent start to the week for the Nasdaq with a gap up and +2.56% gain on higher volume. A confirmed FTD for those who follow CANSLIM and IBD. The candle has a solid green body with a 66% closing range, larger wick at the top than bottom. It was upward most of the day with some profit taking in the late afternoon. All of the trend lines are on an upward slope. Continuing today's momentum would result in a +2.30% gain and a new all time high. There is likely to be some resistance as we approach that level. So expect a more modest gain from the 5d trend line which is at +0.65%. A small pullback would not be unwelcome to cool things off just a bit. Meeting back up with the trend from the September bottom would mean a -0.92% loss. The trend line from 9/3 is still -4.52% below the current index price. That big of a drop seems unlikely and would require some significant news. But always have a game plan, anything can happen. I'm keeping the June Support line in view, but its now almost 16% below the Friday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/12Trend lines drawn from 9/3 (27d), 9/24 bottom (13d), 10/6 (5d) and today 10/12 (1 day). It was a magnificent start to the week for the Nasdaq with a gap up and +3.16 gain on higher volume. A confirmed FTD for those who follow CANSLIM and IBD. The candle has a fat green body with a 93% closing range and tiny wicks at the top and bottom. It was upward most of the day with some profit taking in the late afternoon. All of the trend lines are on an upward slope. Continuing today's momentum would result in a +2.30% gain and a new all time high. There is likely to be some resistance as we approach that level. So expect a more modest gain from the 5d trend line which is at +0.65%. A small pullback would not be unwelcome to cool things off just a bit. Meeting back up with the trend from the September bottom would mean a -0.92% loss. The trend line from 9/3 is still -4.52% below the current index price. That big of a drop seems unlikely and would require some significant news. But always have a game plan, anything can happen. I'm keeping the June Support line in view, but its now almost 16% below the Friday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
NAS100 Nasdaq | SWING - 12 Oct. 2020Hello my friend | Welcome Back. Please support this idea with LIKE if you find it useful. *** Converting the resistance into support, so it will move to the upside, the new mentioned resistance, and then head to the downside to retest the support area. *** Here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. Remember this analysis is not 100% accurate No single analysis is To make a decision follow your own thoughts. *** The information given is not a Financial Advice.
FX:NAS100Long
by Saeed966
6
Trend Lines, Support, Resistance for 10/9Trend lines drawn from 9/3 (26d), 9/24 bottom (12d), 10/5 (5d) and today 10/9 (1 day). The Nasdaq topped off a +5% week with another gain on hopes of an economic stimulus. Gains were 1.39% for the index, but on lower volume (note that my indicator volume is based on QQQ). The day was almost upward the entire time with a 88% green body candle, small bottom wick and 99% closing range. The October resistance area becomes a possible support area. For Monday, continuing the bullish momentum from the 1d and 5d trends would roughly follow the trend from the 9/24 bottom as well. That would be a +0.30% gain. The trend from 9/3 continues to rotate to an upward direction. If news were to cause a pullback, there are two support areas that it could pause on a downward direction. Further down, the index would likely find support at the 50d MA and meet up with that longer trend line for a -3.17% loss. Stimulus is still not certain, although discussions are back on the table. The discussions could cause additional volatility. I'm keeping the June Support line in view, but its now almost 15% below the Friday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
2
Trend Lines, Support, Resistance for 10/8Trend lines drawn from 9/3 (25d), 9/24 bottom (11d), 10/2 (5d) and today 10/8 (1 day). The Nasdaq took a rest today, relative to the last few days. A nice gain of 0.5% was fairly maintained throughout the day. Most of the action was within the 37% body and shows in the middle closing range was 57%. VIX also declined 6% as a result of the tighter price range across equities. Volume was lower than the previous two days. Continuing the bullish momentum from the 5d trend would roughly follow the trend from the 9/24 bottom as well. That would be a +1.02% gain. If the 1d trend continues, that would point to a small -0.22% loss and still align with sideways movement across the October Resistance area. The trend from 9/3 continues to move to an upward direction. If news were to cause a pullback, the index would likely find support at the 50d MA and meet up with that longer trend line for a -2.48% loss. Stimulus is still not certain, although discussions are back on the table. The discussions could cause additional volatility. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/7Trend lines drawn from 9/3 (24d), 9/24 bottom (10d), 10/1 (5d) and today 10/7 (1 day). The Nasdaq recovered nicely today from the previous day sell-off, ending with gains of 1.88%. Volume was lower than previous days, and the candle was inside the previous days highs and lows, indicating some indecision. Otherwise, it was a 76% green body with a great closing range of 87% showing a bullish trend. There seems to be resistance at around 11400 which was formed from the high volume days on 9/3 and 9/4. I'm adding the October resistance line there to watch what happens over the next few trading days. Continuing the bullish momentum from the 1d trend would mean a 1.19% gain. This is also where the trend line from the 9/24 bottom points too. That would also break through the new October resistance line. A more sideways move would mean a slight decline of -0.19%, meeting up with the 5d trend line. Given the volatility over that last few weeks, it's very possible to go back down and meet up with the longer trend line drawn from 9/3. That would mean a -2.44% loss. The lack of stimulus will no doubt have some impact over the next week or so as companies and the market respond. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/6Trend lines drawn from 9/3 (23d), 9/24 bottom (9d), 9/30 (5d) and today 10/6 (1 day). The Nasdaq started off negative, then made good gains through the day, but sold off after news that Republicans will not pursue a stimulus package until after the election. That brought the index below the September support/resistance level, but still ended above the key 50d MA level. The unexpected ups and downs will continue at least through the election day. However, it's still important to have an expectation and come up with game plans for the potential moves. If the index can recover the momentum from the 9/24 low, the trend would take it back up +2.84%. It would need to break back through September support/resistance, which it has done twice on good news. Otherwise, stopping at the resistance level would mean a +1.10% gain, which is where the 5d trend points. A continuation of the 1d trend, which includes the sell-off, would mean a -1.12%. Further downside may occur as the market absorbs fully the reality of no stimulus until November. Without the stimulus, there could be more downside as impacts are surfaced with economic news. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/5Trend lines drawn from 9/3 (22d), 9/24 bottom (8d), 9/29 (5d) and today 10/5 (1 day). The Nasdaq got a huge boost today by good news of President Trump's recovery from COVID. That put the index back above the September support/resistance area and well above the 50d MA. With that said, there is still a lot depending on the continued health of the President as well as the passing of new stimulus for the economy. If today's trend continues, it will be a 0.81% increase. It's likely that the double news (once prior to market open and once during the day) put more energy into the market then deserved. So a minor pullback or sideways move would not be surprising. The 5d trend points to a -0.23% pullback but still above support. With something more negative occurring, that could bring the index back to the 50d MA or lower. Returning to the longer term trend from the 9/2 top would mean a -2.88% drop. Things are looking positive, but we are not completely out of the woods yet. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/2Trend lines drawn from 9/3 (21d), 9/24 bottom (7d), 9/28 (5d) and today 10/2 (1 day). Nasdaq reversed down on 10/2 on uncertainty around the positive COVID result for the US President. September support became resistance again. However, the virus wasn't strong enough to break the 50d MA support. Volume was much higher than the previous day, and early morning positive gains were sold off thru the day. Without further news to worsen the situation the likely outcomes on Monday are relatively modest. If the 5d trend continues, then it would be a 1.72% increase, taking the Nasdaq back to the September resistance. The trend from the 9/24 bottom would mean a 3.70% gain. Continuing the trend after the negative news would mean another -1.12% drop and would return to the longer trend from the 9/2 top. Both the 1d and the longer trend (21d) point to the same spot. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/1Trend lines drawn from 9/3 (20d), 9/24 bottom (6d), 9/25 (5d) and today 10/1 (1 day). Another positive day for the Nasdaq as it continues to rally from a 9/24 bottom. Still waiting for a significant positive day (>1.25%) on higher volume to confirm the uptrend (QQQ volume shows up in my indicator, but Nasdaq volume was lower). Having passed the 11,300 resistance, that line becomes a possible support line now. If the 5d trend continues, then it would be a 0.49% increase. The trend from the 9/24 bottom would mean a 1.62% gain. A pullback is possible and would undermine the September support line. Moving back to the regression trend from the 9/2 top would be -3.83%. That move would also fill a gap in the current uptrend. It seems less likely with each move up, but I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 9/30Trend lines drawn from 9/3 (19d), 9/24 (5d), and today 9/30 (1 day). The Nasdaq continued it's rally attempt from the 9/24 bottom. Volume is much higher compared to the previous days, representative of the swings in prices throughout the day. The September resistance area kept the index from going higher than 11,300. This will be a key level to watch as we enter a new month and new quarter. If the Nasdaq can break past that point, it will be a good support line for further gains. If the 5d trend resumes with a break past the September resistance, then it could mean a nice gain of 2.41%. If resistance holds, then sideways or slightly down is possible. A pullback after the 5d uptrend is also possible. Moving back to the regression trend from the 9/2 top would be -3.05%. That seems to be the worst case scenario for tomorrow unless some other catalyst is introduced. I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in the near term. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 9/29Trend lines drawn from 9/3 (18d), 9/23 (5d), recent bottom 9/24 (4d) and today 9/29 (1 day). The Nasdaq continued it's rally attempt off the 9/24 potential bottom. The trend from the 9/3 top is leveling off and the market looks more like sideways, confirmed by the last two days of fairly tight trading ranges. However, this also could be a pause before a big move in either direction. 9/29 trading stayed above the 50d MA, but did so on lower volume. Volume has trended down since the 9/23 sell-off. Net flows out of SPY since 9/24 continue to outsize the flows into QQQ (overall ETF net flows is negative), despite the market trending up. If the rally continues, expect some resistance around 11,250 which has been the upper side of a channel in September. That would still allow for another 1.17% gains. If some momentum can cause a continuation from 9/24, we could expect a 2.55% gain. A small to large pullback is also certainly possible in this volatile month of moves. The one day trend points to a modest 0.10% decline. The longer term trend from market peak on 9/2, points to a return to the July Support area, a 2.94% decline. I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in one day. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be dangerous.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 9/28Trend lines drawn from 9/3 (17d), 9/22 (5d), recent bottom 9/24 (3d) and today 9/28 (1 day). The Nasdaq continued it's rally off of the recent bottom from last Thursday's open. Today it tested the 50d MA line 3 times, but rallied in the afternoon to close near the high. Daily volume is trending down and you could consider the daily candle a hanging man, both possible tops to the current rally. If the rally continues, expect some resistance around 11,250 which has been the upper side of a channel in September. That would still allow for another 1.75% gains. Following todays ascent, would be a more modest 0.83% gain. A small to large pullback is also certainly possible in this volatile month of moves. The five day trend points to a 0.98% decline. The longer term trend from market peak on 9/2, points to a return to the July Support area, a 3.65% decline. I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in one day. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be dangerous.
NASDAQ:IXIC
by drewby4321
The 2020 Tech Bubble ExplainedIf you like this analysis, please make sure to like the post, and follow for more quality content! I would also appreciate it if you could leave a comment below with some original insight. In this post, I’ll be explaining ‘The 2020 Tech Stock Bubble’ crisis, through the lens of the Dot com bubble of the 90’s. In the process, I’ll also provide educational content on technically spotting a bubble through different phases. What is a Financial Bubble? A bubble is said to have formed when equity prices rise significantly, far beyond their proper valuation, in a short period of time. Bubbles are intangible and hard to spot, but their existence is undeniable, and hard to ignore. As such, it’s important for traders and investors to manage their risk before the bubble bursts. What is the Dot-com Bubble? - The Dot-com Bubble, also known as the Internet Technology Bubble, was a rapid rise in US tech stock equity valuations fueled by retail and institutional investments in internet based companies during the late 90s. - During this bubble, we saw an exponential move in the market, in which the Nasdaq index rose from under 1,000 to over 5,000 within 5 years. - The Dot-com Bubble grew out of a combination of speculation: investing in internet tech-stocks at the time was the typical get-rich-quick scheme, as there were huge venture capital funds ready to be spent on startups with minimal substance. - Capital flew into those companies, in hopes that they’d be profitable one day, and these investments were done in an extremely bold manner, with retail investors and institutional investors both looking to maximize profits on a speculative basis. What are we seeing today? - The market we are seeing today is not moved by investors who are looking at the long term prospect of the company. The Nasdaq Index overextending well above the 20 Simple Moving Average (SMA) on the monthly demonstrates that the market is driven primarily by momentum. - After the strong ‘V shape’ recovery we witnessed from the Corona Virus (COVID-19) stock market crash, people are trying to expose themselves to the financial market with the wrong mindset- chasing the next big thing, that will make them rich quick. The general public is trying to speculate where all the money is flowing into, and they arrive at one conclusion: tech stocks. - As such, it could be said that on a bigger picture, the market’s characteristics we see today are very similar to that of the Dot-com bubble. With a clearly bullish market trend, the number of new investors who are introduced into the market increase by the day, and with the profits they witness through growth stocks (and tech stocks in particular), 30% gains in a day has become a new norm for them. However, this does not indicate that one should liquidate all their assets, and cash out before the bubble bursts. Counterarguments 1. Introduction of liquidity by the Fed The Federal Reserve has been printing money at an unprecedented rate in order to rescue the economy from the Coronavirus pandemic. As such, it’s only logical that the stock market rises at least as the same pace at which money is being supplied. The Fed’s approach towards money supply is completely different from that of the 2000’s, which is why comparing the current tech-driven bull market to the Dot-com bubble is an incorrect analogy. 2. Momentum Relating to the reason above, it could be said that momentum was introduced to the market trend ever since the Fed started actively intervening in the economy. They decided to leave the interest rates near zero, at least until 2023, which indicates that momentum could continue throughout for years. 3. Fundamentals of Tech Stocks Unlike companies of the Dot-com bubble, tech companies today demonstrate some value and substance. Amazon (AMZN) is one of the few companies that survived the Dot-com bubble burst, and later grew to become a multibillion dollar conglomerate. Arguably a tech stock, Tesla Motors (TSLA) has also shown incredible performance in their financials over the past few quarters, demonstrating substance in their rise in stock prices. Whether the current valuation of the tech giants leading the Nasdaq index today is another question. One thing that’s very clear is that with the 4th Industrial Revolution, companies in the tech field show unprecedented rates of growth and innovation, which could justify the current bull market. How to Spot a Bubble Spotting a bubble is extremely difficult, if not, impossible. Most people weren’t aware of the Dot-com bubble until they later thought about it in retrospect. However, referencing Hyman Minsky and Charles Kindleberger’s work can help us understand the structure of a bubble, and the characteristics of the market in each phase 1. Displacement Bubbles star with a shock to the system. They could be events like war, political change, technological innovation, or the introduction of a new monetary policy. A displacement creates a new opportunity for a sector of the economy, and in this case, it’s technology. 2. Boom A boom begins as optimism grows. A positive feedback loop leads to greater investment, which then leads to economic growth. Borrowers increasingly become more willing to take on debt and risk. 3. Euphoria Participants expect prices to increase at unsustainable rates, and even with a small number of people realizing there is a bubble, they continue to participate in the market thinking that they can load their assets to someone else before the market bursts. The general public begins to enter the market as media attention grows, and as individuals see their friends and acquaintances get rich. This is the phase of irrational exuberance. 4. Distress At some point, an event that causes a decline in confidence takes place. Depending on each bubble, panic can set in immediately, or could take several years to fully develop. 5. Panic When a crisis takes place, most people don’t even realize that it’s happening. Insiders and institutional investors are usually the ones to sell first. Panic is introduced into the market at retail investors all attempt to sell at the same time. This sell-off caused by panic continues until investors are convinced that cash will be made available to meet demand, leading investors to buy back in. Conclusion Despite the current stock market index highly resembling that of the Dot-com bubble era, we also have to take into account the fact that many factors that fundamentally affect the stock market have changed. Also, considering that the Dot-com bubble lasted almost 5 years, even if we could confirm that the current market trend is a bubble, it does not necessarily indicate that the bubble will burst immediately. While it’s difficult to have patience, and suppress the urge to sell at the peak, buy back in when the market bottoms, investors should realize that there is still a lot of capital that could potentially flow into the market. As such, in lieu of trying to time the top, they should be focused on the market trend’s momentum, and execute their orders based on the confirmations provided by the market.
TVC:IXICLong
by Michael_Wang_Official
13
Trend Lines and Support for Nasdaq, 9/25Trend lines drawn from 9/3 (16 days), 9/21 (5 days) and today 9/25 (1 day). The Nasdaq had a bullish run on Friday, with a steep climb marked with very few pullbacks. If that ascent were to continue, we'd have a 3.61% increase on Monday. More likely, would be a pause around the 50d MA where several top stocks are getting resistance. That would be a 1.00% increase. A small to large pullback is also certainly possible in this volatile month of moves. The five day trend points to a 0.71% decline. The longer term trend from market peak on 9/2, points to a return to the July Support area, a 2.69% decline. I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in one day. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be dangerous. A look at the weekly QQQ with volume. It is a strong bullish candle with a tall body and small upper and lower wicks. It sets a good expectation for next week, but the market will do what it wants to do.
NASDAQ:IXIC
by drewby4321
2