The NASDAD achieved a solid short-term high yesterday, but began to reverse lower as nervous sentiment stirred trading results in the equity index.
, but a reversal lower towards the end of the day was exhibited, perhaps as a result of nervous sentiment being stirred by data regarding coronavirus in the US.
Certainly there are nervous traders who have skeptical opinions about the ability of the NASDAQ to continue an upwards path without suffering a sizeable setback at some duration. However, betting against a sudden reversal lower remains a problematic wager. Short-term technical traders can certainly sell the NASDAQ based on their perceptions, but it is dangerous.
Volumes will remain lower than normal until after the New Year has begun, and even early next week transactions should be anticipated to be rather weak. However, this doesn’t mean results will be boring, and traders should expect volatility near term. As numbers are reported regarding coronavirus in the US and the higher than expected infection rate, conditions could become rather turbulent as traders participating in the market react to ‘noise’ short term.
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