I will be showing you three timeframes and very likely the last reminder before the major crash.
The NASDAQ-100 Index continues all RED, we start with the daily timeframe:
- On the chart above we have the NDX daily chart. - We can see all the EMAs being broken as support. - Extremely bearish indicators: MACD & RSI. - Just today prices are moving below EMA300, Friday. This can lead to a bearish weekly and monthly closes.
We continue with the weekly timeframe for the NDX:
- Weekly, we can see prices closing below EMA50 for the first time since February 2020. - After the break below EMA50 back in 2020 a strong correction happened, something similar can repeat. - We have a strongly bearish MACD. - We also have a GAP/Window on the current candle opening price vs previous candle closing price.
Finally, this is the timeframe we looked at two days ago in a previous/related trade idea... The NASDAQ-100 (NDX) Index on the monthly timeframe, this one gives it away completely:
When we look at the monthly timeframe, we no longer go back to March 2020 COVID for the strongest correction, it goes back to 2008. We have a 50%+ correction (A -53.53% drop on the NDX).
Now, the current candle, January 2022, is the strongest bearish candle since September 2008 and it has other peculiarities.
Let's zoom in:
- We have a shooting star candlestick on Nov. '21. - We have a Doji last monthly (Dec. '21). - We have a full bearish breakdown this month (Jan. '22). - The currently candle went through Junes 2021 candles real body on the downside. That's six month of growth removed in a few weeks.
All the timeframes agree. The technical picture continues to be bearish.
Remember to share, follow, like & comment for more.
Technicals aside, the macro fundamentals are even worse. Tech multiples are derranged, and valuation multiples in the run up are out of control. This reaks of 1999-2000 on roids.