I've gathered from more experienced traders that the bulls needs the nasdaq to go up for their setups to work well. At this point, we've formed 2 bearish candles on the monthly, with a huge divergence between the 10 and 20 period MA, which historically have been areas of support. The weekly doesn't look great either. I'm trying to keep things simpler. It feels like a time to sit on hands, maybe sell some credit spreads, and not get too crazy on size. Looking at the candles, I think we go sideways for a few months before the next leg up. I don't think we outright crash with a 30% correction. But that's just me. Curious what others think about the current condition of the markets right now.
