Nasdaq Resistance/Bear Flag

25 июл. 2022 г.

Nasdaq current price is 12535 and has retraced back to near last resistance. The market is in a bear market with lower highs and lower lows and if trend continues, we would soon expect the market to soon take a nosedive down. The relative strength index is above 50 which would be bullish in bull trend, but because the market is still in a bear market, anything over 50 should be considered a BULL TRAP. Now if the nasdaq breaks above 13,100 then I would close out short as the trend has changed from bearish to bullish.
Otherwise, I have puts on the overall market.