NASDAQ is struggling
Updated
So an update to an idea I published last week - seems the market weakened as outlined in my bearish scenario, albeit not as severe with a drop to 12,600ish, yet...
Bullish case:
Nasdaq can come back up with a successful retest and then begin to break free from this downtrend line (in red) to see some upside finally.
Bearish case:
Judging from the situation now, we've fallen through a support level and yesterday it attempted to rise up back through it but faced it as resistance around 13,000ish. This could fall down to 12,600 before it finds some bull support and if that doesn't hold... look out.
Overall, I'm bullish and I see this opportunity is a great one to take up more positions on stocks that have done well before covid-19, and even many of the stocks that did well over covid-19, as fundamentally I feel they aren't going to thrown out.. we're a long way away from a full return to normality around the world and stocks that benefit from remote working will still flourish.
Bullish case:
Nasdaq can come back up with a successful retest and then begin to break free from this downtrend line (in red) to see some upside finally.
Bearish case:
Judging from the situation now, we've fallen through a support level and yesterday it attempted to rise up back through it but faced it as resistance around 13,000ish. This could fall down to 12,600 before it finds some bull support and if that doesn't hold... look out.
Overall, I'm bullish and I see this opportunity is a great one to take up more positions on stocks that have done well before covid-19, and even many of the stocks that did well over covid-19, as fundamentally I feel they aren't going to thrown out.. we're a long way away from a full return to normality around the world and stocks that benefit from remote working will still flourish.
Note
Just a bigger picture:Note
Has to close above the support zone for this to have any chance this week of being good:
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