Asset Watch
Thursday, February 23, 2023
Furthermore, while the milestone did not occur in December, the breakdowns in August, April and January resulted in backtests to the 20-day MA that ultimately failed. Therefore, if a similar rejection occurs this time, it could have ominous implications in the weeks ahead.
The NASDAQ 100’s daily RSI also remains above the lows that marked previous bottoms, highlighting the mild nature of the current sell-off. So, if history is any indication, you should proceed with caution until the technicals are more constructive.
Right now, 12,332 is now resistance, and the bears have gained the upper hand. Will the mauling continue, or will the NASDAQ 100 climb the wall of worry once again?