Nasdaq - What to do next?!
Updated
Nasdaq NDX - What bearish moves we had on the indices yesterday!
I will now explain why we had this move:
1) FOMC FED - Rates kept as same, nothing new in that aspect. During Questions - We had now the mention Taper tantrum was mention, that's a key word to keep in meaning they could decrease the amount of asset purchase that would increase yields further upwards. This is due to the vaccines, as long as that carries on further the deployment of vaccine , the economic data and other various other factors combined there will be less need for QE. However, I feel Q2-21 we will be following the same momentum as we was before. We've had a squeeze building for while and at this current moment of time that will ease pressure on various instruments.
2) Hedge funds Struggles
3) Disappointing Earnings
Fundamental:
- US Q4 Adv GDP: Jobless data.
Technical Aspect:
Pattern: We are still within the channel until broken to down side, bearish momentum confirmation continues.
Support: 12970, 12715, 12535, 12270 (50 EMA)
Resistance: 13170, 13275, 13595, 13840
Key Tip: Follow your own trade plan to add further confluence!
Overall, I did take scalp shorts whilst FOMC on US Indices & other currencies, I expect this to be a temporary move.
All the best,
Trade Journal
I will now explain why we had this move:
1) FOMC FED - Rates kept as same, nothing new in that aspect. During Questions - We had now the mention Taper tantrum was mention, that's a key word to keep in meaning they could decrease the amount of asset purchase that would increase yields further upwards. This is due to the vaccines, as long as that carries on further the deployment of vaccine , the economic data and other various other factors combined there will be less need for QE. However, I feel Q2-21 we will be following the same momentum as we was before. We've had a squeeze building for while and at this current moment of time that will ease pressure on various instruments.
2) Hedge funds Struggles
3) Disappointing Earnings
Fundamental:
- US Q4 Adv GDP: Jobless data.
Technical Aspect:
Pattern: We are still within the channel until broken to down side, bearish momentum confirmation continues.
Support: 12970, 12715, 12535, 12270 (50 EMA)
Resistance: 13170, 13275, 13595, 13840
Key Tip: Follow your own trade plan to add further confluence!
Overall, I did take scalp shorts whilst FOMC on US Indices & other currencies, I expect this to be a temporary move.
All the best,
Trade Journal
Note
CHECK - WEEKLY & MONTHLY closes on US indices!Note
AMZN GOOLE EarningsNote
LONG: Taken 70% profits.
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