It seems like nasdaq is going to have a pull back Monday/Tuesday as there was general weakness in the market last week and the nasdaq mainly went up because of mega tech—which beat expectations; however, those expectations were largely pretty low in the first place and it was expected that they were to be beaten. Moreover, tech right now seems to be overvalued, esp nvidia. Importantly, however, three important momentum in dictators all have bearish divergences:
KST the slowest moving of the three has a single bearish divergence.
The medium speed MACD has a double divergence as does the faster moving RSI.
Moreover, the next FOMC is 05/03. With expectations largely being that the fed will raise interest rates again I think we could see some pull back. I recommend buying SQQQ calls with a strike price of 31.5 and an expiration date of 05/05.
[link] [comments] https://www.reddit.com/r/stocks/comments/133cbkp/nasdaq_is_going_to_pull_back_early_next_week/
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