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TECHS: NASDAQ Reversal?

EQUITIES
  • Equity markets since the reversal in March have continued to defy gravity.
    Is this about to change?:
  • The NASDAQ has led the way up in terms of price gains and not only
    generated fresh highs for the year but also new all time highs. Recent price
    action though highlights a mature trend.
  • Looking at the index, a strong bearish engulfing candle reversal unfolded
    yesterday.
  • The potential significance of this pattern is reinforced by a clear bearish
    divergence between price direction (up) and momentum (signalling down).
  • It is worth monitoring a key channel support that intersects at the 10066 level
    today. The channel is drawn off the Apr 3 low and represents a key support.
  • A shift in market sentiment and a reversal of recent trends would potentially
    leave the NASDAQ relatively more exposed to a deeper sell-off. The index may
    also act as a lead indicator.
  • See NASDAQ chart.
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