Are we entering recession phase now? Nasdaq is looking similar to other major indexes around the world and that is exhausted, the #crypto rally is also looking tired now. Maybe this is the time the bull run finally comes to the end.
Nasdaq made ATH near 14k just few weeks back, but that was an failed rally to get back in the ascending channel. If we were to continue this bull run it shall get back up and above 15k this time otherwise we will see it continue declining to near 12k as first stop and then after some battle maybe near 10k.
10k comes with a very strong support so we likely wont give up easy but remember that 20% off from ATH will be around 11500 so if we hit anywhere below 11500, the economy will be considered in recession.
Higher taxes, and not so strong job numbers, slow growth due to global hit of COVID will have a prolonged recession this time.
I wish this was not true, but sometime you do not choose your battle - the battle choose you. So its recommended to go light on high beta stocks, and heavy on cash or FMCG sector
