it seems like it will hang around 13700 and 14050 for a few more days as that is the NQ comfort zone.
That's what everyone said when it hit 1K, 2K, 3K, 4K, 5K, 6K, 7K, 8K, 9K, 10K, 11K, 12K, 13K and 14K. Do you see a pattern forming here?
I hear you. And speaking of double tops and bottoms, I strongly believe that the ONLY very low risk double bottom strategy is in the Futures market, where a commodity (like wheat, corn, soybean, sugar) cannot go to zero. So buying double bottoms when a commodity is at or near a 20-year low (or more) makes sense. This is the only exception to the rule ("Don't buy double bottoms in a downtrend"). The real danger always comes from double tops, since the upside potential of any market is theoretically unlimited.
One thing to look for is if selling pressure lasts for at least a few days in a row versus up and down chop, and if the vix stays over 20, and to see if bond yields go up for any length of time. Lots of moving parts to keep track of. If we do get a correction in May it will likely be relatively brief.
True, it's just that right now we don't see lower highs and lower lows on the Nasdaq (daily charts), no shooting star or bearish engulfing candlestick at resistance level, and more importantly, the price is still above its 50-day moving average. Clearly, there is no evidence that a "top" is in place, at least for now.
I am not into candlestick patterns, but did you look at the cash chart, both daily and weekly? Is that not a shooting star?
Looking OK to me, fingers crossed for a deeper retracement towards 20 moving average on weekly frame, more confluence around that area (purple lines).
No shooting star on the daily, just a Doji. On the weekly chart there is a very small and not so convincing "shooting star". In both cases we notice that the price is above its 50-period moving average (red line). But again, let's see how it goes.
Could well be. When I said 'topped', I meant next will likely be a pullback or do you expect Nasdaq to only head in one direction?