Nasdaq, Inc.Short
Nasdaq at top of daily channel and bumping up against 2.618 fib
Nasdaq has been on a heck of a run and long term I see that continuing. That being said, In the coming weeks I see it falling a bit. The Nasdaq is at the Top of the daily channel that has been in place for many months and I don't see it breaking the channel now to form a new parabola. It is also bumping up against the 2.618 daily fib ribbon and this could also act as resistance in the coming week. Daily RSI looks okay at the moment with that spike on Friday but I do not see a pattern forming yet. Rsi could lead us to a green weekly open for the Nasdaq but the next couple of the weeks I am leaning bearish.
My target area for coming weeks would be at about the midline of the channel. (dotted line)
Moving sideways this week I would see as being very bullish as it would keep above the midline and likely touch the top of the rising channel again.
My target area for coming weeks would be at about the midline of the channel. (dotted line)
Moving sideways this week I would see as being very bullish as it would keep above the midline and likely touch the top of the rising channel again.
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