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Writer's picturePine Script Strategies

2023's Nasdaq Phenomenon: A Boom, a Pause, and the Uncharted Ahead

In 2023, the Nasdaq has showcased a remarkable trajectory, bouncing back robustly in the early months of the year. The index witnessed a staggering surge of 45% within the initial six months, painting a picture of a vibrant financial landscape.


However, the momentum seems to have plateaued in recent weeks. The technology sector, which had been spearheading the rally, has entered a phase of stagnation, maneuvering through a sideways trend that has persisted for the last two months.


As we delve deeper into the current technical charts, a series of cautionary signals emerge. These indicators hint at the potential for a sustained lateral movement, or perhaps, a looming correction that could dip further than anticipated.


NQ: Bearish Engulfing


SMH, 1d: Double Top and Head and Shoulders


AAPL: Bull Trap


MSFT: Bull Trap


NDX and the Top 20 Tech Stocks above 50d MA


QQQ and QQQJ: Bearish Divergence


QQQ and HYG: Bearish Divergence


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