NASDAQ Overbought: Signs of Sellers Starting to Pressure
The NASDAQ index is currently treading in overbought territory, with its RSI on a 1D chart exceeding 80, indicating a potential reversal. Over the past two days, there's been a noticeable weakening of buying pressure coupled with an uptick in selling activity. I am expecting a breakthrough below the accumulation zone of 17362-17304 in the coming days. This could be followed by a retest of this zone and a potential drop towards the 16969 level, or even down to 16781.
Interestingly, recent positive economic data from the US hints at a strengthening dollar. However, I believe a key driver for a NASDAQ correction could be the upcoming earnings reports from tech giants. There's a specific focus on companies like TSLA, where earnings might not meet the high market expectations, potentially serving as a catalyst for the anticipated correction.
Interestingly, recent positive economic data from the US hints at a strengthening dollar. However, I believe a key driver for a NASDAQ correction could be the upcoming earnings reports from tech giants. There's a specific focus on companies like TSLA, where earnings might not meet the high market expectations, potentially serving as a catalyst for the anticipated correction.
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