Nasdaq is Setting Up for a Potential Bound Stocks
is near the 11,400 level and dropping a bit. Ultimately, this situation should offer a bit of a short-term ceiling, as we had seen a megaphone pattern in that general vicinity previously. The market continues to be very noisy, but I do think that we need to look at this through the prism of a market that might be oversold, but stocks have been following that would momentum for a while.
Ultimately, I have no interest in buying this market in the short term, but if we did break above the 50-Day EMA, we may see a little bit more of a move to the upside. Anything above the 200-Day EMA could didn’t really start to let this market take off to the upside. More likely than not, I think we have a short-term bounce that will get sold into, that we can take advantage of.
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