Looking at the Fib extension of 23.6 around the 112 area for a good 3 pt risk, 10-11pt reward trade. The nasdaq still looks bullish
as FAANG, with the exception of Netflix
, all high volume
spike gapped up from earnings
reports and have not retraced much of their moves at all. These in the past cause investors to take profits and sell too early. The market is overextended as a whole, but we look at it one day and one trade at a time. It will continue it's trend until it proves otherwise. Trade accordingly.