DBD Strategy Daily - NASDAQ 100 : island reversal?
US indices fell heavily yesterday, and technology stocks led the way down. The Nasdaq short-term bullish trend has been invalidated. The bulls will notice the elements that still are supportive, and we have to acknowledge that there are many reasons to hope for another bounce. This optimistic view seems to be widely shared by investors, though. Call/Put ratios are very extremely high on the Nasdaq 100, usually, it means we are close to the beginning of a long consolidation. The coming two days will probably be hesitant, as bearish gaps were open yesterday and the market will try to close them. We consider it will be an opportunity to sell short weaker indices.
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