AllTechnical Analysis
logoArgusJune 06, 2023

Technical Assessment: Bearish in the Intermediate-Term

Intermediate Term
Long Term

While one day does not make a trend, it can indicate that a potential change in a strong up or down trend is coming, especially when using daily candlesticks. The weekly candlestick is of more value than the daily, and the monthly stick is more valuable than the weekly. After a 12.2% surge in the Nasdaq 100 and a 10.6% pop in the Nasdaq over the past 21 days (and a trip into fairly overbought territory on a daily basis), both indices traced out shooting-star candlesticks on Monday. That is an exhaustion signal. A shooting star occurs after a large move higher and it shows a day when the index closes towards the bottom of its intraday range, demonstrating that sellers took advantage of higher prices early in the day and claimed profits.

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