NDX - could be due for a bounce soon
So far, the pullback is still a correction within a larger uptrend, with strong support around 14185 - 14385 region.
Potential bullish divergences have been forming between price and RSI on the daily chart which could cummulate to a short term bounce soon.
However, any reversal from a divergence is usually accurate for short term (2-3 candles on the average) and does not predict a larger trend change. For a bigger picture trend, one will have to look at larger time frames (eg weekly and monthly). So far, the larger trend is still bullish for SPX and Nasdaq (for swing or position traders).
That said, it is more important to look the technicals of individual stocks that we are looking to trade as the index is usually only representative of the "heavy weight" stocks.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Potential bullish divergences have been forming between price and RSI on the daily chart which could cummulate to a short term bounce soon.
However, any reversal from a divergence is usually accurate for short term (2-3 candles on the average) and does not predict a larger trend change. For a bigger picture trend, one will have to look at larger time frames (eg weekly and monthly). So far, the larger trend is still bullish for SPX and Nasdaq (for swing or position traders).
That said, it is more important to look the technicals of individual stocks that we are looking to trade as the index is usually only representative of the "heavy weight" stocks.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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