A downside move yesterday looks like the beginning of something big. It might be. But that would be a pure speculation. Larger TF (weekly, monthly) charts show a strong bullish sentiment. There is a rebalancing of the NASDAQ going on to reduce the impact of the magnificent seven mega tech companies. The new distribution will be announced today after the bell. It may be the reason for that "correction". Nevertheless, I expect to see more consolidation at the top before any sign of a potential distribution leading to a structural damage of the upside channel. Until then, it makes sense to look for longs.
07/21/2023
07/21/2023
