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In final Friday’s MMM report, we mentioned the NASDAQ bears might be shedding management within the short-term. We additionally mentioned that shares might enter bounce mode if the key indices maintain above Thursday’s closing costs.
Shares certainly completed Friday’s session with strong positive aspects, thereby confirming the day prior to this’s bullish reversal sample.
Nevertheless, given the vicious sell-off after breaking beneath main help ranges, the and now have an abundance of overhead provide and resistance ranges to take care of.
As such, we view the present bounce as a chance to search for new, lower-risk entry factors for brand new brief setups (and/or shopping for inverse ETFs).
If the NASDAQ can bounce into the 12,000 space, it’s going to discover loads of resistance from a short-term time period downtrend line and the 20-day EMA:
Till the market proves in any other case, we view any bounce as a chance to promote brief—however solely IF low-risk entry factors emerge in weak shares/ETFs.
As at all times, keep in mind to commerce what you see, not what you suppose!
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