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NDX (05/14/2020) - Waiting for FED announcements - Bearish

517
FA
-FED and other central banks are discussing a solution to stabilize the market. However, investors will have to wait for their decisions. Most central banks are keep rates at 0%, still, market wants negative rates. More programs will be announced soon. Please keep in mind and create an exit plan for short positions, just in case. Until then, market will open lower.
-US debt + deficit are continuing to rise. Bad for businesses and bad for America.
wsj.com/articles/u-s-budget-deficit-widened-to-1-935-trillion-in-12-months-through-april-11589306525
usdebtclock.org/
-Weekly jobless claims are expected to be 2 million this week.
-CA extended the "stay-at-home" order (varies from counties to counties).
-More trading data ahead
tradingeconomics.com/calendar
-There was a big movement of capital from Stocks to Bonds. Stock market will be lowered and bonds yields will also be lowered. US10Y now is back to 0.6%.
-Tech stock are still holding strong. However, they're still overly bought.


TA
-Reversal after several rejections to strong bullish trend: Bearish
-NDX will re-test 8890 level, if this is broken, NDX will proceed to fill the gap at 8800(small bounce expected after).
-Squeeze + RSI is trading in bearish trend, expect to see a small reversal: Bullish
-NDX is trading above 200 day EMA: bullish. However, this could be re-test as the market is heading lower.
-NDX is trading below general moving average (exponential): bearish.
-Volume: high.
-Target price without any artificial pump: 8890 EOD.

Good luck and have fun.

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