Nasdaq Today – 7th October 2021

Nasdaq Today – 7th October 2021

I treat this as twitter without  character limits so that we all can save time.

A nice come back by The Bulls though there were bears at play as well or perhaps it was subdued buying post lunch hour.

Nasdaq Composite 1 minute 1 Day Chart (Source : ThinkorSwim)

42% of stocks closed higher and was a better number than yesterday which looks quite respectable. 

$BPNDX (Source Stockcharts.com)
 

What I liked was that today’s candle was above the neck like of what to me looks like a head and shoulder pattern. Though I would have liked to see a little more volume.

Nasdaq Composite with Volume (Source Investing.com)

US Dollar is rising in a channel and on the 180 day 2 hour chart formed what looked like a double top but maybe it is a cup and handle which means that there could be upside to the USD. This is likely going to challenge the bulls.

US Dollar Index (Source: Think or Swim)

10 Year Treasury index on 180 day 2 hour chart is forming a reverse head and shoulders or what also seems like an ascending triangle indicating a possibility of rising yields.  

$TNX -10 Year Treasury Index (Source Think or Swim)
 

Net Net

Today was a good day for the bulls though perhaps they lack conviction. The debt ceiling conversation is a can that was kicked off a little further and rising yields will possibly continue to be head winds for broader market though good for financial stocks. 

Delta Concerns seem to have abated and maybe it was the Merck pill that put market to rest though its best for doctors to decide. For the short term, I am cautiously optimistic.

– Mr. Egg Head
7th October 2021,
NJ – USA
PS
Forgive My Grammar 🙂
Not Investment advise

 

 

 

 
 

 

Mr. Egg Head

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