#202535 - priceactiontds - weekly update - nasdaq e-miniGood Day and I hope you are well.
comment: Neutral. I see the current range from 22800 - 24069 and the middle of it is 23460ish and we closed right at it. Bears can argue a head & shoulders on the daily chart and bulls still have two decent bull trend lines going for them. I don’t think around 23500 you can have any edge. I’d like for this to not hit 24k again but the odds for that are low. Best to wait.
current market cycle: bull trend
key levels for next week: 22700 - 24100
bull case: Bulls got a new ath and the market is overdue for a pullback but that does not mean we will get one. Bulls are still in full control as long as they keep the market above 22800. Having said that, it’s overdone, overbought and we are likely at the peak of the bubble.
Invalidation is below 22780
bear case: Bears need to do more. Anything below 23000 would be a start. That would break both trend lines and opens the possibility for 22000 over the next weeks. For now I don’t think it’s good to sell around the midpoint of this triangle.
Invalidation is above 23800
short term: Neutral around 23500. Same as last week.
medium-long term - Update from 2024-08-10: 22000 likely to get hit this year gain. 20000 seems a bit much for 3 months left.
