We've been in an unhealthy market for tech/growth stocks, so it's fascinating to see that the Nasdaq is still holding just fine on a larger time frame based on a simple trending tool - the 21 week moving average.
Today's action is going to be key since it's a Friday - will we close below?... or hold like EVERY OTHER FRIDAY since the Covid lows.
No matter how bearish I feel, odds favor that this level will hold, so I can't be too bearish yet. Just cautious, mostly cash, and extra patience for larger sized positions.
Sentiment is similar to early October when it also felt like the index was ready to rollover, but still hung by a thread - see the chart below:
Today's action is going to be key since it's a Friday - will we close below?... or hold like EVERY OTHER FRIDAY since the Covid lows.
No matter how bearish I feel, odds favor that this level will hold, so I can't be too bearish yet. Just cautious, mostly cash, and extra patience for larger sized positions.
Sentiment is similar to early October when it also felt like the index was ready to rollover, but still hung by a thread - see the chart below:
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