Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Sunday, January 3, 2016

NASDAQ Could Test 150 & 200 MAs Monday

If Friday's selling in the NASDAQ follows through on Monday it could reach a volatile price level quickly.  It has the unique situation of having its 150 SMA and 200 SMA pressed together which could be big support if it holds but a downside accelerator if it is lost (shown in chart 2 of bottom row).  

Chart 3 and chart 4 of the bottom row show that long term and midterm Fibonacci levels are way out of reach for the time being.  

Looking at the top chart, we see that the NASDAQ also is not likely to reach a horizontal support nor resistance level on Monday.  

Trade well my friends


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