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Nasdaq Eyes Potential Upside
Ctrl Alt Finance
05 Aug • Reading Time - 6 minutes
Good Morning! If you missed our last post, find it here.
Last week’s market movements set the stage for potential shifts. The Nasdaq, after rejecting key levels and gapping down, might be positioned for an upside move from demand, potentially breaking its trendline.
Apple, having formed a rising wedge, saw a drop in demand, which could signal a bounce.
Meanwhile, the Dollar appears to be heading for more downside, following a sharp decline with minimal support below.
Let’s dive into the charts!
* MARKET INTEL *
NASDAQ
After ending last week by rejecting the 475.5 gap and level and gapping down again Friday, the Nasdaq looks potentially ready for another upside move out of demand, breaking the trendline.
* APPL *
Apple Inc.
Apple has formed a strict rising wedge over the last 11 days, plummeting to demand on Friday's close after rejecting the upper trendline. Price action looks good for a bounce off the bottom line out of demand.
* DXY *
U.S Dollar Index
The Dollar appears eager for much more downside with no more than a single time frame demand zone below for ages after a dramatic 1,845-point nose dive.
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* MARKET INSIGHTS *
Economic Vibe
Markets | Price | % Daily Change |
|---|
🔺S&P 500 | 5,346.56 | −100.12 (1.84%) |
🔺NASDAQ 100 | 18,440.85 | −449.54 (2.38%) |
🔺Dow | 39,737.26 | −610.71 (1.51%) |
🔺Bitcoin | 54.385.80 | −3,752.70 (6.45%) |
🔻USD 10Y | 3.779% | -0.016 |
Movers & Shakers
DoorDash Inc (DASH) +8.346%
Intel Corp (INTC) -26.059%
Atlassian Corp (TEAM) =17.063%
* HEADLINES *
Top Reads
Tech Sell-Off Takes QQQ To Correction Territory (Benzinga)
Asian Stocks Eye Losses as US Economy Fears Deepen (Yahoo Finance)
Stocks routed by US recession risk, bonds bet on rapid rate cuts (Yahoo Finance)
Bitcoin Plunges, Ether Has Worst Drop Since 2021 as Crypto Sinks (Yahoo Finance)
Japan's Nikkei 225 index plunges 7% as worries over US economy shake world markets (Yahoo Finance)
Investors' comments on market sell-off (Yahoo Finance)
* IDEA *
Mastering the 5-min chart
Boost profitability with these 3 tips
- Stick to your plan, stay consistent, and define entry/exit rules
- Implement a stop-loss and proper position sizing to protect your capital
- Record trades to identify patterns and refine your strategy
DM for a copy of our trade journal
— Ctrl Alt Finance 📈 (@ctrlaltfi)
8:56 PM • Aug 4, 2024
KEY POINTS
Set clear entry/exit rules and risk management strategies to stay disciplined and consistent.
Use stop-loss orders and position sizing to protect your capital and limit losses.
Track and review your trades regularly to learn from mistakes and improve your strategy.
* WISDOM BYTES *
No matter how slow your journey, do not stop
It does not matter how slowly you go as long as you do not stop.
Progress, no matter how gradual, is still progress. The key is to keep moving forward, even if your strides are small.
Consistency and perseverance are often more crucial than rushing or trying to achieve rapid results.
Slow progress allows you to build a solid foundation, learn from each step, and make thoughtful adjustments along the way.
It’s about maintaining momentum and staying committed, even when progress feels minimal or the journey seems long.
* DAILY DOSE *
Memes of the day
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