NASDAQ delivered as expected, and continues...
Previously heads up, The short week filled in as expected with a continued breakdown below the weekly 55EMA. This is bearish confirmation (without doubt) that the technical bounce is done. On the weekly basis, a higher low or a return to 13K is in the cards for the weeks following.
The daily charts show the weak rally and the week ended with an overwhelming outcome, in the form of a "bearish engulfing"; not quite so as it did not totally engulf from the open, nonetheless, you can obviously see the bearishness.
The first support to bounce is not expected to hold, and perhaps the second support would hold better. Failing which, 13K is the support to look towards.
Daily technicals are in bearish territory, so expect some downside after the Easter weekend.
At this point, it is not (yet) looking extremely bearish. Not yet.
Stay safe!
The daily charts show the weak rally and the week ended with an overwhelming outcome, in the form of a "bearish engulfing"; not quite so as it did not totally engulf from the open, nonetheless, you can obviously see the bearishness.
The first support to bounce is not expected to hold, and perhaps the second support would hold better. Failing which, 13K is the support to look towards.
Daily technicals are in bearish territory, so expect some downside after the Easter weekend.
At this point, it is not (yet) looking extremely bearish. Not yet.
Stay safe!
