To recap how the market's ended yesterday, we had the DOW close at 0.61%, the S&P -0.61%, and the NASDAQ -1.63% (I think this even went positive at some point during trading hours). Something is holding this market up. You would think with all these bad tech earnings, the market would be coming down substantially more. But it's not. So is this market rally going to hold tech up? Or is tech going to ruin this rally? We're currently in between the 20 day and 50 day which most call "no man's land". Market is still trying to decide where it wants to go. Wednesday's candle was our reversal signal with Thursday candle being our confirmation candle since it traded lower than the previous day. So naturally, we should expect movement to the downside. Gotta see what today brings us.
The chart on the Nasdaq looks more Bearish to me. Which again. Does Tech bring the market down? Or does the rally save Tech? There are too many mixed signals everywhere. My lean is still Bearish but as the days come, I need to react to what the market is telling me. Be patient, stay disciplined. Happy trading everyone!
The chart on the Nasdaq looks more Bearish to me. Which again. Does Tech bring the market down? Or does the rally save Tech? There are too many mixed signals everywhere. My lean is still Bearish but as the days come, I need to react to what the market is telling me. Be patient, stay disciplined. Happy trading everyone!