The NASDAQ daily index entered the Bullish zone seven days ago, signaling the initiation of an upward trend. However, in recent times, it has displayed a corrective trend. Since last Friday, there has been a notable surge in a robust upward momentum attempting to re-enter the bullish trend. Nevertheless, the current state of the market indicates that the buying strength is significantly weak for a complete transition into an upward trend. Additionally, looking at the projected trend, it appears challenging for the market to shift back into a bullish trend.
As we approach mid-November this week, there is a noticeable weakening in buying strength compared to previous weeks, and even if a strong uptrend emerges, there is a high likelihood that it may be temporary. Overall, the prevailing condition suggests a strong selling pressure, indicating the continuation of the correction trend with a gradual increase in the magnitude of the decline. This trend is expected to persist, and there is a high likelihood of the daily trend entering the Bearish zone in the upcoming week.
At the current juncture, there is an expectation of a resumption of the upward trend next week. However, the probability appears to be low, and any upward movement may be short-lived. After showing a temporary rebound, there is an anticipation of a renewed decline, signaling the onset of a strong downward trend in the upcoming week. Overall, the trajectory of the NASDAQ daily index suggests a gradual shift towards a downward trend. Planning for potential risks associated with the decline is considered a crucial core investment strategy for this week.
https://www.pretiming.com/2023/11/navigating-future-key-insights-into.html
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