Microsoft and Apple are leading the Nasdaq blue chip stocks in the US. Last week Microsoft stocks were trading at all time highs. The market is now at a previous resistance where it has reversed before. The weekly candle closed as a high volume shooting star, another strong bearish signal. If the DXY starts to rise, the stocks will fall. The chances that the market will reverse at a point where it has reversed before are very high.
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Price was rejected at the ATH at 366. These are the early stages of a bearish trend.
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Market price closed below the resistance. That's a good sign.
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The bearish momentum is clearly building up. This is the final week of the month and it will be interesting to see if the bears push price down to close at/below the opening price. Already, we have 200 PIPS here!
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New lows !
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At the current levels where the market has been consolidating for days, I also have to admit that anything can happen. Don't be surprised when the market breaks to the upside and starts a bull run. Use risk management and always keep an open mind !
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While the Indices such as Nasdaq and the Dow are bullish, individual stocks like Microsoft are sending conflicting signals. Since the Dow and Nasdaq broke their previous resistances, Its very likely Microsoft will break past the 345 resistance too.
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200 PIPS STRONG !
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300 PIPS STRONG !
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New lows everyday !
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Microsoft bleeding ! 350 PIPS !
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THE DOWNTREND RESUMES !
Thedeveloper