Pennant has formed on Nasdaq which indicates a bullish push up, my overall bias is still sells but most likely in that red square, if price breaks through that red square then we will see 16700-16770.
A late sell would be once price breaks that mini red trend line.
Fundamentally and Technically - we can see that the Nasdaq100 is ready to correct itself, whether this the the major correction I am not sure but seeing as that we have an all time high, a head and shoulders pattern as clear as day wanting price to go to 15700 AND fundamentally the new Covid variant which has put countries back into economical pressure gives us...
Nasdaq has been bullish the past 2 weeks, main reason for this is because:
1. Earning season.
2. Success and bull run of the crypto market.
3. FED Rate.
4. Weekly jobless claims decreased.
For now with Nasdaq it would be safer to look for buy opportunities, all though we need a market correction I doubt we will get a big sell until earnings are over.
If our buy zone isn’t tapped before or at NYSE then it’s no longer valid, especially if price reaches our sell zone first.
The retreat for tech stocks came as Treasury yields pushed higher. The 10-year Treasury yield increased on economic optimism and inflation fears, topping 1.49% on Monday. That’s the highest since June and up from 1.30% at the end of August.
Retracement before we continue going down.
The Federal Reserve will conclude its two-day meeting on Wednesday and release a policy statement with economic and interest rate forecasts at 2 p.m E.T. Chairman Jerome Powell will then hold a press conference after.
The central bank has the difficult task of soothing markets during a tumultuous month, while at the...