The Nasdaq has the potential to generate a technical sell signal
The Nasdaq Composite index has the potential to generate a technical top formation, which is the requirement to generate a technical sell signal. Late last week the Dow Jones and S&P500 indices generated technical sell signals during consecutive trading sessions. It is an extremely negative technical indicator for the US market that two key indices generated sell signals in rapid succession. If the Nasdaq also generates a technical sell signal, it would add weight to the (already) negative technical view for the US market outlook.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.