NASDAQ100 seems to have a "buy, cry and die" configuration, according to Jesse Stine.
Has the time the bulls surrendered to the mass sell-off started by the technology sector? S & P500 and DOW to wipe out this year's profits while NASDAQ is getting more and more into the sword territory?
These issues are extremely important because the identification of the bottom in the market is a constant and very difficult process. And given the media noise, painful dips and damage, there are investors who are ready to argue that the worst has already passed.
On Wednesday, an analyst from Raymond James highlighted a series of impressive headlines from several financial information sources and other observers that there are signs that drive investors to look at markets again with hope. This also includes the fact that most indexes, including the S & P500 and Dow Jones, are yet to test the bottoms of October.
According to the configuration chart, it seems that the index has made three consecutive bottoms for a little over a month, and each bottom is shaped with a lower inertia measured by the Relative Strength Index (RSI). This suggests that the price is beginning to form a bottom, which, if confirmed by NASDAQ, will have confirmation that a stronger push is forthcoming.
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