NDX - Bounce and then Drop?
Taking a look at the Nasdaq, we seem to be forming a descending wedge pattern after breaking the main trendline that has acted as support since March. We have a lot of reasons to be bearish but so far the price action has not swayed me into any shorting opportunities.
There is RSI divergence and an MACD crossover on the weekly chart. Not looking too good into elections, but not looking too bad either. I am staying on the sidelines until there is more clarity.
There is RSI divergence and an MACD crossover on the weekly chart. Not looking too good into elections, but not looking too bad either. I am staying on the sidelines until there is more clarity.
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