In 2023, the Nasdaq has showcased a remarkable trajectory, bouncing back robustly in the early months of the year. The index witnessed a staggering surge of 45% within the initial six months, painting a picture of a vibrant financial landscape.
However, the momentum seems to have plateaued in recent weeks. The technology sector, which had been spearheading the rally, has entered a phase of stagnation, maneuvering through a sideways trend that has persisted for the last two months.
As we delve deeper into the current technical charts, a series of cautionary signals emerge. These indicators hint at the potential for a sustained lateral movement, or perhaps, a looming correction that could dip further than anticipated.
NQ: Bearish Engulfing
SMH, 1d: Double Top and Head and Shoulders
AAPL: Bull Trap
MSFT: Bull Trap
NDX and the Top 20 Tech Stocks above 50d MA
QQQ and QQQJ: Bearish Divergence
QQQ and HYG: Bearish Divergence
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