Pennywick

NAS - Deep Dive - Bounce at 50% Level of March 2020 Correction

FX:NAS100   US 100 Cash CFD
The NAS saw it's strong bounce on Friday at a level that coincides with the halfway point of last year's bear market drop. Taking half as many trading days as the fear based sell-off in 2020; this years rotation driven (and now rate increase driven) correction took twice as many days. With the stimulus package passing all eyes turn to the 10 year note. A sharp rise to 2% in response to the spending bill will have me looking for another leg down before it is time to go shopping. The premarket ramps have been liquidity events to sell into. This pattern will need to end to have confidence in the bull market. The overall Head and Shoulders pattern on the NAS that encompasses all of 2021 has significant room to the downside.
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