Here is how we see the market for the next couple of days. Current rally is running out of steam. Over or not a small pullback should be the next move of consequence. Support lies at 6940 then 6900. From there the index should rally back up to new high to finish the 5 waves affair that started last week. Resistance is at 7060. Then our expected larger decline should show up at the door. The nature of that decline will tell the tale. Not all indices are close to their all-time high. Look at the NYA, the rally is not that impressive......so far. Same for the DAX.
We remind you that we are using the 24-hours chart of the Nasdaq.
We remind you that we are using the 24-hours chart of the Nasdaq.