Bitcoin is breaking down finally, but I would feel more confident about us being in a crash were oil following suit, and it continues to resist total failure. That said, I want to point out one technical feature in support of (at least) a bounce on $NQ.
A lot of people ask me why I use the 250-day EMA instead of some other number or moving average type, and here’s a good example of why.
While everybody is celebrating the Nasdaq 100’s loss of its 200-day simple moving average, note that we’ve actually come to rest on the 250-day exponential moving average (green arrow on the right). And note, too, that during a total lockdown of all world economies with the emergence of an unknown virus, we still mustered an 11% bounce off of this moving average before (green arrow on the left). Now, $ES is near an important trend line (here), and the Nasdaq is at this EMA, so, no promises, but the potential for at least a strong bounce seems to me to be present here.
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