Last week NDX put in something of an Evening Star Doji and bull trapped the momos into a pullback for a second time, as we noted in NFTRH 609. Today it dropped perfectly to test the breakout support level we also noted in #609. So far the bulls are good above the EMA 20, but MACD has a suspicious looking roll to it and RSI is on a negative divergence. Most of my longs are Tech related in one way or another, but I am not in love with this chart.
We’ve been using the chart in NFTRH to manage the process. All gaps are filled to the upside and many reside lower. Trends are up, support is intact and well, they just don’t make it easy do they?
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