Nasdaq Update

Time for the update on the US markets. Those who follow me know that my analysis disregards any fundamental information or news and is based purely on a technical picture.

Despite the turmoil in the markets, next week we can see a bounce in US stocks. This is not a trading idea as it goes against the trend and there is no tradable pattern formed yet (at least within my skillset).

Can the markets continue to go lower? SP500 chart (to be posted next) indicates that further downside is possible to shape the local bottom. Though at this stage I prefer to deleverage and watch the price action until there is a tradable setup.