Nasdaq: Weekly Forecast 22nd August 2021
Nasdaq pretty much recovered from a dip last week and is about to retest its current high at 15170.
For the past couple of weeks, we have been waiting for a major correction in the stock market amid a strong sentiment of tapering from the Fed.
Ironically, both the S&P and Dow continued to break new high except for the Nasdaq which continued to range around 15000.
Last week, we finally saw all three of them trading lower together (and Russell2000 trading at a range bottom).
The Nasdaq has been resisted around 15000 for an entire month and it has been half a year since the last major correction.
This week, we will focus on selling the Nasdaq at its current supply level just above 15100, and aiming for a target at the demand level just above 14000.
For the past couple of weeks, we have been waiting for a major correction in the stock market amid a strong sentiment of tapering from the Fed.
Ironically, both the S&P and Dow continued to break new high except for the Nasdaq which continued to range around 15000.
Last week, we finally saw all three of them trading lower together (and Russell2000 trading at a range bottom).
The Nasdaq has been resisted around 15000 for an entire month and it has been half a year since the last major correction.
This week, we will focus on selling the Nasdaq at its current supply level just above 15100, and aiming for a target at the demand level just above 14000.
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