While rumors of a recession with valid backing circulate in the American market, it's easy to lose sight of the fact that stocks continue in an upward trend and, moreover, trying to pinpoint the exact moment a recession begins is incredibly challenging. ----------------------------------------------------------------
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In this edition, we'll review what the NASDAQ is doing, using our indicators and key levels. Remember, what happens in the NASDAQ is extremely crucial for cryptocurrencies.
I'll showcase the indicators one by one so you can become more familiar with them and how I interpret them.
Always remember, don't be swayed by the news; price action is much more transparent
1) NASDAQ
As you'll see in the charts, the trend remains clearly positive. However, it's essential to note that many stocks are already at or very near their previous highs. Hence, we need to be more cautious than before. But for now, the trend is our friend until the end.
At the end of the charts, I'll also point out the key levels to watch. If the price closes below these, then we should consider the chance that the trend might be changing. Only then will we start to consider recession scenarios.
Indicator: Divider Band - Rider Algo #2
Conclusion: Macro Trend Still Bullish
Why?
Band is blue (21WEMA above 200SMA)
Price above band Bonus: We observed the 1st test of the band after the bullish breakout. This typically results in a bullish continuation. We might even suggest that it has already been tested, as a few weeks ago the price almost touched the band.
Indicator: "B" Signal - Rider Algo #1
Conclusion: Short term Bullish Momentum
Why?
Bullish "B" confirmed, boasting an 81% historical accuracy.
Indicador: Just some standard TA
Conlusion: Price still inside a bullish channel after it broke the macro red downtrend line.
Indicator: TR Fib Perspective - Rider Algo #2
Conclusion: Price remains has entered and remains inside the uptrend green channel. As long as it remains here the chances for price to keep going up eventually are high.
Key Levels to Watch: Essentially, the levels that invalidate the charts shown earlier:
14,000 - This level invalidates the B signal, the uptrend channel, and is also below the 21WEMA. If we breach this one, we could rapidly move to the next level.
13,200 - This is the most robust part of the divider band. If prices drop below this, it could indicate the start of a macro bearish trend unless there's a quick recovery.
Disclaimer: The information provided in this article is for educational purposes only and should not be interpreted as investment advice. Financial markets are volatile and investments come with risks. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.