NASDAQ: Are we there yet? (follow up from previous idea)
this is a quick follow up from my previous chart reading using the weekly TF
- we hit scenario #2, almost spot-on
- market is showing some signs of recovery. we also see some good earnings results that are not (hopefully) being lost back (AMZN, UBER, PINS, even AAPL i consider "good")
but
- we still not there yet, though if we check the daily chart (below), the lower indicators are showing a lot of "green" signs, and we're above major MA's (50 and 100), the weekly view above still needs to fully recover
- the signal i look for is that VADER (on the weekly) needs to show green in both the fast & slow before we consider ourselves in real recovery
* what to look for next?
---------------------------------
- there are some strong resistance ahead - big confluence zone (marked on the chart)
- and even before we get there, the market needs to ease-up and do a re-test, then if the re-test is good, move up, then address the resistance zone .. so we're still few weeks away from recovery .. and when recovery happens, it's gonna be shopping season :)
- The Usual Disclaimer:
This is just me thinking aloud - please trade safely and do your own thorough analysis. Good luck
- we hit scenario #2, almost spot-on
- market is showing some signs of recovery. we also see some good earnings results that are not (hopefully) being lost back (AMZN, UBER, PINS, even AAPL i consider "good")
but
- we still not there yet, though if we check the daily chart (below), the lower indicators are showing a lot of "green" signs, and we're above major MA's (50 and 100), the weekly view above still needs to fully recover
- the signal i look for is that VADER (on the weekly) needs to show green in both the fast & slow before we consider ourselves in real recovery
* what to look for next?
---------------------------------
- there are some strong resistance ahead - big confluence zone (marked on the chart)
- and even before we get there, the market needs to ease-up and do a re-test, then if the re-test is good, move up, then address the resistance zone .. so we're still few weeks away from recovery .. and when recovery happens, it's gonna be shopping season :)
- The Usual Disclaimer:
This is just me thinking aloud - please trade safely and do your own thorough analysis. Good luck
Comment:
Absolutely fantastic!! Pushing with persistence into the resistance zone. Next week (or 2) will confirm - but this is reaaaaly good for a recovery
the good news here is, this is the first time we break above the 100SMA in 8 months, since the drop started in Jan -- can the bulls defend their grounds? Feel free to share thoughts