Nasdaq is having an enormous rally since last December and the Double Bottom, with even the 1W time frame turning massively overbought (RSI = 74.522, MACD = 645.290, ADX = 53.716). The Double Bottom was formed on the Zone of the All Time High before the COVID crash. The market has filled a massive gap and this is why it has been rising so aggressively since the start of the year. History has shown that overbought levels can extend rallies for a short while before pull backs.
The Resistance ahead of us is R1 (15,280) and the Fed Rate Decision on Wednesday will be critical for the trend of the next 4-5 weeks. A closing above it can target the ATH regardless of the massively overbought technicals. A rejection can start a medium term decline near the Demand Zone. That would be the new entry point for long term investors.
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The Resistance ahead of us is R1 (15,280) and the Fed Rate Decision on Wednesday will be critical for the trend of the next 4-5 weeks. A closing above it can target the ATH regardless of the massively overbought technicals. A rejection can start a medium term decline near the Demand Zone. That would be the new entry point for long term investors.
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## Comments and likes are greatly appreciated. ##
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Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
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