Nasdaq shuttle has reached the end of the line(at least for now)
Based on historical data, when the index hits the upper band on a monthly time frame we do usually experience a retrace.
What we cannot assume if it will be just a retrace of the long term bullish market or the beginning of a bearish one.
What we do know is that, statistically speaking, we should expect a movement downwards for the upcoming months.
Also to be remarked that it came really close to the psychological area of 10.000 points.
Normally, we often do not see the underlying asset hitting a round number, and this usually happens because strong hands normally start
distributing before it materializes.
In conclusion, I am bearish on Nasdaq from now till the next winter, at least.
Thank you,
Simone
What we cannot assume if it will be just a retrace of the long term bullish market or the beginning of a bearish one.
What we do know is that, statistically speaking, we should expect a movement downwards for the upcoming months.
Also to be remarked that it came really close to the psychological area of 10.000 points.
Normally, we often do not see the underlying asset hitting a round number, and this usually happens because strong hands normally start
distributing before it materializes.
In conclusion, I am bearish on Nasdaq from now till the next winter, at least.
Thank you,
Simone