Short term resistance has been met and the Nasdaq has just recently broken through its short term support. This would indicate to me a correction will follow taking the price of the Nasdaq back down to medium term support.
After this i would exercise caution, any short term bounce may be followed by another breakdown in the medium term support. Then the Nasdaq may head lower into the long term support range which is typical after such a long bull run in tech stocks.
The catalyst for this correction in tech stocks will be for the economy to rollover after the Fed's aggressive rate raising cycle.
After this i would exercise caution, any short term bounce may be followed by another breakdown in the medium term support. Then the Nasdaq may head lower into the long term support range which is typical after such a long bull run in tech stocks.
The catalyst for this correction in tech stocks will be for the economy to rollover after the Fed's aggressive rate raising cycle.
Nota
The nasdaq has broken through the short term resistance line. This idea is void.
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