NASDAQ another run at fib ext 1.236(12639) - Break or reject?
The NASDAQ used the overnight session again to push towards a new ATH at the 1.236(12639) fib extension from the Sept low. It is overbought on the cRSI, but there is still room to go higher based on previous patterns. Will it be rejected again for a final dump or will it break through this time.
I am amazed at how bullish the NASDAQ. The theory has been all year that once the vaccine rolled out investors would rotate our of the nose bleed tech stocks and to the depressed/value S&P stocks. So far both the S&P and NASDAQ are still bullishly going up together. Personally, I got stopped out of my SQQQ yesterday, and I guess I am glad I did. Would have been an ugly morning to wake up to this. Well, hope my charts help and sorry if yesterday's guess at a pump and dump turned out to be a double pump. These afterhours price movements with morning gap ups is getting really old after 9 months.
I am amazed at how bullish the NASDAQ. The theory has been all year that once the vaccine rolled out investors would rotate our of the nose bleed tech stocks and to the depressed/value S&P stocks. So far both the S&P and NASDAQ are still bullishly going up together. Personally, I got stopped out of my SQQQ yesterday, and I guess I am glad I did. Would have been an ugly morning to wake up to this. Well, hope my charts help and sorry if yesterday's guess at a pump and dump turned out to be a double pump. These afterhours price movements with morning gap ups is getting really old after 9 months.
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