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Scandex Market Update – April 8

Scandinavian Capital Markets

Major U.S. indices reversed RIGHT at resistance today. These markets are trading off of parallels and trendlines with extreme precision. These are the levels we’ve been waiting for to turn bearish again. Nasdaq futures also hit VWAP off of the February high, which was also resistance in early March (see futures chart below). The first spot to watch for some support is 7620/30. Bigger picture, I’m of the mind that we go for at least a re-test of the low. It’s also interesting that if we got a leg down similar in size and time to the first leg down then NDX would undercut the Dec 2018 low by mid-May. That’s simply an observation. Bottom line, it’s time to be bearish again. I’ll reassess if we trade through resistance of course.

Scandinavian Capital Markets Review

Source: https://scandinavianmarkets.com/trading-news/scandex-market-update-april-8/
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