NASDAQ near upside target
The NASDAQ just about reached the weekly 55EMA and retraced slightly . It cleared the 13K resistance and 13.2K resistance as well. Still bullish in the weekly technical indicators.
The daily chart breaks down the week, with a early week pull back and some volatility and a weak retest of the gap; and then the mid-week bullish spike to break 13K. These were expected last weekend in the previous post. Similarly, the technical indicators were waning in acceleration and this is observed again in the last week. What makes it a little uncomfortable is the Friday candle... one that is suggesting indecision. So, I would start being cautious really.
Reading two things now: a pop up spike to about 13,500, and then some retracement should set in.
The daily chart breaks down the week, with a early week pull back and some volatility and a weak retest of the gap; and then the mid-week bullish spike to break 13K. These were expected last weekend in the previous post. Similarly, the technical indicators were waning in acceleration and this is observed again in the last week. What makes it a little uncomfortable is the Friday candle... one that is suggesting indecision. So, I would start being cautious really.
Reading two things now: a pop up spike to about 13,500, and then some retracement should set in.
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