NASDAQ 1W MACD Bearish Cross causing this correction.

16 Ogo 2023

Nasdaq (US100) completed this week the first MACD Bearish Cross since September 2022 and is the leading technical cause behind the recent two week correction. The 1D RSI got rejection on the exact same level as August 24 2020, which was prior to a similar MACD Bearish Cross that corrected almost as low as the 1D MA100 (red trend-line).

As a result, it is possible to see another 1-2 week selling extension, before this (much needed) technical correction is over. We will be ready to give the buy signal for a long position that will eventually target the 16770 All Time High.

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