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Is the NASDAQ winding up for a move?
Published Updated Wed, May 9 03:56
Good afternoon, Traders.
A quick post to bring to attention what’s happening in the US indexes, specifically the NASDAQ.
At a glance the chart looks to be tightening up and could be getting set for a move. Looking at the chart below, what we’re seeing is a contraction in volatility, shown very loosely by the green line – each retracement is getting shallower than the last. There has been quite a bit of volatility in the indexes since the start of this year, which could still be distribution, however as the chart continues to make higher lows, my bias is toward an upside break. But as always, a confirmation signal needs to occur to validate the pattern. If the pattern is confirmed we should see price break north before facing resistance at previous high levels.
Stay tuned for updates.
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