NASDAQ technical rebound in play
As projected (in previous idea post), the NASDAQ futures spiked down to (almost) 13K and then bounced immediately. This happened on Thursday after the open initiation of the Russia-Ukraine global event. The following day continued the recovery rally.
The Weekly candlestick is now very bullish looking as there formed an intraweek ultra long tail of almost 1K index points. While technicals point to a bearish scenario overall, the NASDAQ was briefly in bear correction territory but recovered. This suggest bullishness.
The Daily candlestick pattern is also rather bullish, with a similar intraday long tail and a near marubozu body engulfing, followed through by another bullish candle that closed the day (and week) at the top. The MACD has a bullish divergence that is just turning upwards in support.
Fractal bullishness here.
The next couple of weeks in March are indicated to be bullish, through to 14.5K, and testing 15.5K. Whether the bullish effort is sustainable through past March remains to be seen.
I am optimistic for the NASDAQ into March, but weary as March wanes into April...
The Weekly candlestick is now very bullish looking as there formed an intraweek ultra long tail of almost 1K index points. While technicals point to a bearish scenario overall, the NASDAQ was briefly in bear correction territory but recovered. This suggest bullishness.
The Daily candlestick pattern is also rather bullish, with a similar intraday long tail and a near marubozu body engulfing, followed through by another bullish candle that closed the day (and week) at the top. The MACD has a bullish divergence that is just turning upwards in support.
Fractal bullishness here.
The next couple of weeks in March are indicated to be bullish, through to 14.5K, and testing 15.5K. Whether the bullish effort is sustainable through past March remains to be seen.
I am optimistic for the NASDAQ into March, but weary as March wanes into April...
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.