The NASDAQ fell hard during the course of the week, after initially trying to break above the 5100 level. US stock markets in general fell apart, but we
The NASDAQ fell hard during the course of the week, after initially trying to break above the 5100 level. US stock markets in general fell apart, but we are testing serious support levels in this general vicinity. Somewhere around 4750, we anticipate seeing some type of buying pressure. We are going to wait for supportive candle, and then simply take advantage of what should be thought of as value longer term. We have no interest in selling at this point in time simply because there’s far too much support below, and it would make us chasing the trade, which is the last thing you want to do.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
