Been a long time since I posted! Firing it up with my bigger-picture view of the Nasdaq.
Longer timeframe: Multi-year cup and handle - bullish into year-end
Shorter timeframe: Rising wedge - potential window of weakness around the corner (end of Feb?)
What's actionable about this chart?
- If actively trading watch for a short-term sell signal - close below the wedge/below the prior day/week low depending on your time frame
- Sell/trim into strength around 18k (top of the rising wedge)
- If there's a retest of the multi-year breakout that is a great r/r add/buy spot into year-end
- Fib extension from the 2022 low to the 2021 high measures to 20,650
- A break below 16k would put the bullish year-end thesis at risk
- This chart should have ZERO influence on individual stocks that are set up differently - follow your system
Like the post for more / comment on what you'd like to see more of.
Thanks for reading!
Longer timeframe: Multi-year cup and handle - bullish into year-end
Shorter timeframe: Rising wedge - potential window of weakness around the corner (end of Feb?)
What's actionable about this chart?
- If actively trading watch for a short-term sell signal - close below the wedge/below the prior day/week low depending on your time frame
- Sell/trim into strength around 18k (top of the rising wedge)
- If there's a retest of the multi-year breakout that is a great r/r add/buy spot into year-end
- Fib extension from the 2022 low to the 2021 high measures to 20,650
- A break below 16k would put the bullish year-end thesis at risk
- This chart should have ZERO influence on individual stocks that are set up differently - follow your system
Like the post for more / comment on what you'd like to see more of.
Thanks for reading!
6-7 week H&S intermediate top & 50 Day SMA confirmed today on the DAILY time-frame. Things could still change by the end of the week that could negate this, but odds are favor a deeper pull-back.