Our mission today, should we except it, is to take out the declining ling-term trend on the Naz. The target… 2430. And you have support my friends at 2385. Should you accomplish this objective, it would be very Bullish, very bullish indeed. The financials led this charge last week, as I pointed out in my previous post with Goldman Sachs (GS).
You have additional support in the monthly oscillators, those things that go up and down bordering our price charts, have unwound and ready to ascend. They show we are oversold, and the MACDs are near the horizon. This will provide the necessary breathing room we need to meet this goal.
You might think that a break out here will be a clear signal to go long. But not so fast, we have our friends the Fed reporting on Wednesday. Many think The Fed is poised to put the brakes on their cutting trend, with a 25 basis points, or none at all. And that an announcement will be made that inflation must be kept in check. This is what must be done, and this is what the market needs to hear. So come on Ben, show us your leadership. What do you think, is this the end of the rate cut cycle?
Tagged as: Down TRend, Nasdaq