SPX & NQ - Still a mixed bag
Just a quick update.
SPX closed the year 2022 with a Diamond Pattern. This pattern is potentially a reversal pattern (potentially bearish if it occurs at Market Tops, and potentially bullish if it occurs at Market Bottoms). Where it is occuring now, it could be a bottoming process for the SPX.
However, Nasdaq is still the weakest link right now and still looking bearish. A short term bounce could happen for NQ as a bullish divergence is seen but in the larger picture, any bounce right now could still be a "Bull Trap".
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
SPX closed the year 2022 with a Diamond Pattern. This pattern is potentially a reversal pattern (potentially bearish if it occurs at Market Tops, and potentially bullish if it occurs at Market Bottoms). Where it is occuring now, it could be a bottoming process for the SPX.
However, Nasdaq is still the weakest link right now and still looking bearish. A short term bounce could happen for NQ as a bullish divergence is seen but in the larger picture, any bounce right now could still be a "Bull Trap".
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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