FED increases pressure. NASDAQ SHS to play out in few weeks
NASDAQ just had its worse month since October 2008 losing -13.26% and accumulating -22.24% yearly. Looking at the weekly chart it has just lost support around 12575 points opening further downside towards 11500-12000 points where a bounce should be expected.
Shoulder-Head-Shoulder pattern fully developed with neck line around 12570 points which was lost this week closing below but without confirmation yet. I would expect further downside movement to the next support level where buyers should step in and take the price back to the resistance level around 12575 point ( interrogation mark on the chart) to either recover the line and start trading above or to confirm the SHS and start a big sell off that could possibly take the NASDAQ to pre COVID-19 levels around 9000 points.
If neck line is not recovered a short position would be best option at that point with SL around 13000 points.
Do not forget FED is increasing pressure on markets as this week a 0.5 interest rate increase is expected on Thursday 04th but how Powell communicates the increase and what to expect next is key. FED will start to roll over on its balance sheet at a 95.000 million dollars a month rate from May onwards until they have unloaded all 9 trillion assets. Certainly not good news for the markets.
This is not investment advice. Just my own point of view.
Shoulder-Head-Shoulder pattern fully developed with neck line around 12570 points which was lost this week closing below but without confirmation yet. I would expect further downside movement to the next support level where buyers should step in and take the price back to the resistance level around 12575 point ( interrogation mark on the chart) to either recover the line and start trading above or to confirm the SHS and start a big sell off that could possibly take the NASDAQ to pre COVID-19 levels around 9000 points.
If neck line is not recovered a short position would be best option at that point with SL around 13000 points.
Do not forget FED is increasing pressure on markets as this week a 0.5 interest rate increase is expected on Thursday 04th but how Powell communicates the increase and what to expect next is key. FED will start to roll over on its balance sheet at a 95.000 million dollars a month rate from May onwards until they have unloaded all 9 trillion assets. Certainly not good news for the markets.
This is not investment advice. Just my own point of view.
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