Seeing a bounce off the trend line.
The Nasdaq is the major stock indice under the most pressure today. The indes reached a high of 7486. It traded as low as 7376.75. At the low the index was down about 1% on the day.
Don't cry for the longs though. The Nasdaq for the month of January was up over 8% today at the highs. It is currently up 7.22%. That is not a bad start to the year.
Technically, the index fell to a lower trend line on the hourly chart at the 7380 area (the low reached 7376.75). The price has bounced from that level. The current price is at 7411 (as I type). That is down -0.65%.
If there is going to be more of a correction lower, that trend line and the rising 50 hour MA (white line at 7334.82 and moving higher) will be eyed as the first "more bearish" clues.
Next week, a slew of tech stock earnings will be released on January 31 and February 1 (Wednesday and Thursday).
Scheduled releases include:
- Facebook, January 31
- Boeing, January 31
- Microsoft January 31
- Amazon February 1
- Alphabet February 1
- Apple February 1
- Alibaba, February 1
