Felt inclined to share this chart. When the level breaks, as one day it must, I think there may be fireworks on the downside... but who knows?
Agree that the long-term trend is bullish, however at this time NDX volatility is quite high. Plus, S&P 500 and DJI did not really had a correction like Russel 200 and Nasdaq 100. I would not be surprized to see deeper correction
Fully agree it looks bullish. I mean... the market has been rallying for years now. But eventually it surely must experience a large correction to the downside - and when traders are looking back at the daily charts asking themselves "where they should have gone short" - That level may be the price they focus on.