NAS-100 Drop & What's Next?
Today was nothing more than a reaction to the fed-news and the slower than expected roll-out of covid vaccines among others. All of the majors shed 100+ points with the Nasdaq-100 shedding about 350 points. All of the heavily weighted components have been posting better than expected earnings and optimism for 2021 so overall, so I continue to be long-bias.
Nas is still holding the bottom boundary of the channel and at around the end of the day touched the 12880 levels and bounced up- signaling buyers interest at this price. From a time-frame perspective still don't see any bullish confirmation, no engulfing candles or long wicks (besides the 16:00 candle). For a long position to form I'd like to see a breakout candle or some other pattern with higher lows and highs (Flag, wedge etc.) For a short position, I'm watching for price to reach the 12900 levels and depending on how we get there (breakout, consolidation) will determine the next steps. Until tomorrow!
Nas is still holding the bottom boundary of the channel and at around the end of the day touched the 12880 levels and bounced up- signaling buyers interest at this price. From a time-frame perspective still don't see any bullish confirmation, no engulfing candles or long wicks (besides the 16:00 candle). For a long position to form I'd like to see a breakout candle or some other pattern with higher lows and highs (Flag, wedge etc.) For a short position, I'm watching for price to reach the 12900 levels and depending on how we get there (breakout, consolidation) will determine the next steps. Until tomorrow!
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