$NAS100USD Stepping Out - Before Stepping Back In.

NAS100USD Stepping Out - Before Stepping Back In.

Looking at a longer view of the NAS there is a strong upward channel similar to the Aug-Oct 2023 pull back the NAS reached an overbought position pushing it out of the channel.
Like then, the NAS looks like it is tracking to an over-bought position against this channel, which aligns very well with the mid-week options expiry date. There are a couple of thoughts stopping me from thinking this will pull back as aggressively as the Aug-Oct 23 period and they are as follows,

Mid-March and the start of April are historically bullish periods for all markets. Additionally, it's an election year and we all know money is thrown at making the economy sing to win votes before the election run-in.

As always it's just an idea and I will try to be objective and unbiased and see what the market gives us.

Feel free to critique and tell me what you think, it's good to understand how others see things.

Comment:

What I would like to see happen today after the reaction to the inflation data