Correction time for the Market?
April 21th, 2024 - Update
Well, it looks like the market has decided to go into a correction. Starting from the NASDAQ weekly chart:
The index has lost about 7.6% from its peak and although volume was not high, the weekly MACD crossed over signaling a momentum change. The 40-week moving average is about a further 4% below current levels and that should be an area of support.
My gauge indicator to assess market conditions on the daily chart looks like this right now:
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