February 13, 2019

What’s Happening With The NASDAQ?

Today, the markets rallied on hopes of a new trade deal. Basically, buyers have been bullish and slowly have started trickling back in. Today, we found some pretty significant resistance in the Nasdaq as we did in the SPX recently. The dreaded 200-day moving average on the daily chart. We have rejected so far and it could throw the markets into a tailspin. That is, if we continue lower. We can easily jump this level with a gap open higher (which I think we will do) and it can turn into immediate support. That would be the best case scenario. If not, expect the markets to move lower in the near term.

about the author:

Charles Moon

Charles Moon is a technical "whiz kid" whose experience lies in scalp/swing trading. A patient educator, Charles excels at coaching/mentoring and can make complex concepts simple. Prior to joining the ranks of Prosper Trading Academy, Charles was a proprietary equities trader with Great Point Capital LLC. Coming from a retail trading background, his experience can help those with no experience trading to seasoned veterans.

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