Market Update 4/18 – Nasdaq Reverses Higher from Support
NQ reversed higher from the proposed support zone today. Sentiment is stretched down here too as evidenced by the AA II bull bear spread (see below). Sentiment is stretched just about everywhere actually…bonds…the USD…and equities. So, perhaps the reversal down here in stocks is joined by a reversal higher in bonds and lower in the USD over the next few days…just a thought. Anyway, I’m looking higher in NQ. It’s possible that everything since 2/24 is a massive base but near term focus is on 2022 VWAP near 14500 for now.