No question stocks are in the euphoria phase for months now. I'm quite sure the last few days' correction was the final correction before we enter the Bitcoin-like-vertical phase.
During the European night the S&P 500 tagged the 200 SMA on the daily chart and bounced powerfully from that level. Though NAS100USD didn't tag it they will run hand in hand to new highs. If I'm right we are going to see something we can see in every 20 years. Imagine Bitcoin and double the gains. We have serious companies, technologies and knowledge behind these indices.
I'm calling for NAS100USD 8500-9000 before the end of this year.
I will post a Bitcoin chart later to show where I think we are now in stocks...
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So half 50% of the last few days' decline erased today. All who is betting on a stock market collapse this is the time to re-think strategy.
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We will need some time to break through the 100 SMA on the hourly. We might need to test back the Monday low...
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Last time it tagged the 200 SMA. Just a little more and we are there...
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Reversal by the close?
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This is just perfect. Complete reversal.
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We broke above Friday's high and printed a swing today. So far the price is still above the swing level.
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The next important resistance is the 200 SMA on the hourly chart.
Agree -- I have a LOT of money invested in TQQQ right now and picked up some more just this morning. My opinion is that we might reach NASDAQ 10,000 before this Summer :0
chartwatchers
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@Nightstar, I might underestimate this rally with a 9000 call...
popshvt
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i reentered.. and now in good profits, thank you~!
popshvt
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for these excellent posts!
PowerOfCapital
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we will see new low in my view, lets wait to see.
edumas2
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It will be interesting to see if this is just a quick pop back up before really testing the 200 to get the "job done" for real before another leg up. Options expiration coming real fast as well. We should have a fun week.
danrindia
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@chartwatchers Hi Arpi, only one question. Why there is no big volume on this reversal is it something fishy or completely normal?
chartwatchers
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@danrindia, watch stockcharts: spx and compq
There isthecorrect volume