The nasdaq daily chart showing us that the holiday reversal has played out quite well. The smart money is unwinding some of their positions as they go on holiday. There is a currently a long weekend in the US for the labor day break.
The nasdaq daily chart below is showing us that the 5-10-20 timer has been playing out well. Right now, we can see the EMA 5, EMA 10 have broken. However the major Moving average line the EMA 20 or the green line has held very well. If we break below this, there could indeed be more trouble coming to this market, so as traders we must stay on our toes.
I talk more about this 3 MOVING AVERAGE LINES HERE - CLICK HERE TO VIEW THE VIDEO.
|nasdaq daily - nasdaq analysis|
Having a look at the weekly chart of the nasdaq you can see below are circled the major indicators MACD and Stochastics. So far these indicators are on a buy stance right now, and that has been working like a charm. Even though the market has sold off a little we must remember we are in a holiday reversal period and this is normal, plus we have not see such a long lasting rally on the market for a long time, so a bit of profit taking is normal.
Still the weekly charts are the most important and you can see that even though people are screaming for a crash, the weekly charts are holding pretty well for now. Alot of the smart money has been buying the dips in 2013 and not only has this been working, but we are not even 6 months though the years and some of the larger allocated funds are doing very well.
|nasdaq weekly - nasdaq analysis|
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