Today was nothing more than a reaction to the fed-news and the slower than expected roll-out of covid vaccines among others. All of the majors shed 100+ points with the Nasdaq-100 shedding about 350 points. All of the heavily weighted components have been posting better than expected earnings and optimism for 2021 so overall, so I continue to be long-bias.
Nas is still holding the bottom boundary of the channel and at around the end of the day touched the 12880 levels and bounced up- signaling buyers interest at this price. From a time-frame perspective still don't see any bullish confirmation, no engulfing candles or long wicks (besides the 16:00 candle). For a long position to form I'd like to see a breakout candle or some other pattern with higher lows and highs (Flag, wedge etc.) For a short position, I'm watching for price to reach the 12900 levels and depending on how we get there (breakout, consolidation) will determine the next steps. Until tomorrow!