Nasdaq..Is the Bear About To Wake Up?
The Nasdaq is now testing the bottom of it's 5 week trading range. It's also sitting on support which coincides with the 50 day moving average. The Nasdaq needs to hold this level or else it's in trouble. I honestly think the market is going to sell off. Just looking at the above chart I see a double top that is waiting to be confirmed by breaking below the 50 day. It hasn't done so yet but I think the 50 day will be broken.
I know we are not supposed to pick tops and bottoms and I honestly couldn't care less if the market goes up or down because I have no bias, but looking at all the charts I've been posting recently I see nothing but bearishness. I can't find any reason why we should rally. Only time will tell if I am right or wrong but I'm going to stick to my guns and caution you about the long side..I think there is alot of risk if you are long. As always, we'll see what happens.
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1 comment:
Change the $spx chart to weekly or monthly, and note the MACD confirming the uptrend. Note also the sell signal on the weekly in May and buy signal in August. Guess it depends on your timeframe.
Oh, on the daily charts of the $spx, note how the 20 and 30 ema are providing a support. If I were thinking about a short (which I’m not), I would look for a failure there before initiating. YMMV (your mileage may vary).
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