The Dow Jones notch another record high and since the trend is up, we continue to be bullish on all indexes in the longer term. Smaller time frames like the 60 min and 15 min might have corrections here and there but they are all good and gives us traders an opportunity to long and short stocks. Gold and Oil and also silver are in their own 60 min downtrend and we remain bearish on them until the chart tells us so.
Despite the tech selloffs, the Nasdaq Composite is still in a long term uptrend and whatever falls and crashes are just deemed a correction because of the massive support below and also the MAs are generally still up. Therefore, if the QQQ and Nasdaq keep finding support at their rising 50 MA, we have to remain bullish on techs and the stock market as a whole.
Let's take a look at the charts below.
Charts with the Freestockcharts.com label are courtesy of Freestockcharts.com
Charts with the investing.com logo are courtesy of Investing.com powered by Trading View
Apr 22, 19 06:55 AM
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