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NASDAQ 100 Forecast January 12, 2021

#Nasdaq stocks pulled back on Wall Street Monday as markets around the world paused following record-setting runs.

Tesla, Amazon, Apple and other big gainers over the past year led the way lower, even as financial, health care and energy stocks notched gains. Treasury yields continued to rise.

The market managed to look past much of last week’s bad news, including the attack on the U.S. Capitol on Wednesday, surging virus cases, and a disappointing employment report.

The Nasdaq composite slid 165.54 points, or 1.3%, to 13,036.43.

The Nasdaq closed down -165.544 at 13,036.431. Volume was 28% above average (neutral) and Bollinger Bands were 34% narrower than normal.

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the bullish or bearish trend reflected in the lower ribbon.

Summary

The Nasdaq is currently 22.0% above its 200-period moving average and is in an upward trend.

Volatility is extremely high when compared to the average volatility over the last 10 periods.

There is a good possibility that volatility will decrease and prices will stabilize in the near term.

Our volume indicators reflect volume flowing into and out of the Nasdaq at a relatively equal pace (neutral).

Our trend forecasting oscillators are currently bullish on the Nasdaq and have had this outlook for the last 44 periods.

Overall, the bias in prices is: Upwards.

A black body occurred (because prices closed lower than they opened).

During the past 10 bars, there have been 5 white candles and 5 black candles.

During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.

A spinning top occurred (a spinning top is a candle with a small real body).

Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close).

During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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