Nasdaq Fatigue?

There must be some growing discourse about the state of the altitude of the Nasdaq presently. Even all the bulled up chatter about how quadruple witching Friday, was not enough for the Nasdaq to CLOSE above the very round 10000 figure. Keep in mind it has done that just one day, on 6/10 which was a doji candle, which are rare and often proficient in their accuracy to predict trend changes. Bullish candlesticks played a role in the bottoming formation for the Nasdaq with spinning top candles on 3/18 and 3/23. Could the same be said for the topping action this week? It is not only the round 10000 number, but the upside gap fill in that vicinity as well, that should give bulls at least some apprehensiveness. After all we are still about 700 handles above an upward sloping 50 day SMA, and couple that with volume during the 4 day winning streak to open the week was somewhat elevated. If that was unable to push the Nasdaq above this “danger zone”, I am not sure what will. One still has to subscribe to the TINA theory, and the Fed back stop, but a prudent pause may not be just necessary, but productive.

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