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As expected the Nasdaq had a rebound and if the charts are good, the indications are telling us the rebound will resume. With Dow making new highs and still in a 60 min uptrend, we want to continue to be bullish on the stock market. There are many Nasdaq 100 stocks that are forming long bottoming tails which tell us they are rejecting lower prices at the moment. When the trend is up, we want to be bullish until the charts tell us so.
A simple trend following tool in all time frames will help us to be on the right side of the market 75% of the time. Combine it with support and resistance analysis, and then entry based on our trading strategy, it will help us to be on top in the long run. Once again, if you don't know what the red zones and white zones in the chart below means, I highly recommend you read this article How To Avoid Huge Losses In Stocks And Maximize Profits Using One Simple Stock Market Trick.
Let's take a look at what the charts are telling us today.
Here's a summary of what the charts are telling us:
I believe the environment for tech stocks will most likely be long today if the QQQ trade above yesterday's high. Remember to follow the trend in whatever time frame you are looking at. Currently we should be bullish in longer time frames. Smaller time frames like the 15 min chart and 5 min charts are slowly turning to be bullish. The trend is your friend. Happy trading and investing!
Jul 13, 20 07:44 AM
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Jul 13, 20 07:44 AM
Here is a technical outlook for the KLCI.
Jun 29, 20 08:04 AM
Technical analysis of the KLCI for the month of June 2020. What is likely to happen? Read here.
Jun 29, 20 08:03 AM
Well, sell in May did not materialize for the S&P 500 but the market continues to chugg higher. What is in store for us this month?
Apr 30, 20 07:49 AM
What is the stock market likely to do from this impact of the Coronavirus? Will it continue to fall or a bottom is near. We will use charts to guide us.