Not going to get into the details of surging bond yields that are causing havoc across markets, just gonna display what I see on the charts and potential scenarios that could play out; both bull & bear. Let's start with bear since it's more prominent; - NDX closed below 50 day SMA/EMA moving averages and a crucial uptrend TL that connects March & October lows....
The rising wedge on the Nasdaq is on support and needs tp hold. If it breaks to the downside, it could be possible that we go down to lower support just above the 12000 level. Balancing act here. I'm leaning towards the more weakness side going into coming weeks. The Nasdaq just seems too frothy and speculative and might need to shake some weak hands. Neutral...
IS THIS THE DIP- I have been following the recovery using the 2008 crash recovery pattern and it is beyond belief how closely it is following give or take a bit Nasdaq has overshot actual high by a few weeks first posted Jan 28th, so I have just dragged it along a bit to form fit better. If the Nasdaq closes below the red line, breaks Support, which usually...
i think it wont go lowe, from support, this is an idea pleaso do own ta before taking a position. good luck
Even the bull scenario has it going down next week.... I think the market gets a stimulus pump tomorrow. All cash, no positions. NQ is almost oversold but not quite there which means it'll probably hit it premarket tomorrow. If the market gaps down tomorrow, I might try for the gap fill. My chart has tomorrow as an up day but not playing it because it...
Even though we are in a support on NQ we could see more down side so if break this support I wouldn't be surprised to see NQ going close to 12410.00 and if it doesn't seem to hold there could be a huge short to the downside
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NQ daily bull scenario since we are on a support around 12850.00 but something to keep in my we broke that uptrend. On the RSI it looks oversold so I won't be surprised to see a bounce here
Keep an eye on that 12750 level. A decisive close below that and inability to recover could be very telling. Seems that we are working on that right shoulder of a head and shoulders top. BUT, these formations don't complete until you get a clear breakdown below the neck line and they are extremely telling when they fail and price raises above the right shoulder...
if you go short here is some points to look out for
TA says this is about to DOOM
Now its time to short retracements to the POC, with first target decembers low
NAZ looking to test level & bounce should level hold, other indexes have not been participating in drops and could get worst at open.
looking for a short quick trade