Today's market movement in response to the jobs report is especially significant. Following the release of the data, market indices initially plummeted, but swiftly reversed their trajectory, gaining momentum throughout the rest of Friday's trading session. Such price dynamics often indicate a pivotal shift and hint at a possible regime change. So, one might wonder: Has the correction phase for Nasdaq and other major indices concluded? The ensuing analysis and charts suggest that this could very well be the scenario.
1. Nasdaq might have formed a Wyckoff Accumulation Bottom over the last 3 weeks
2. Nasdaq might have formed a Bull Flag pattern
3. S&P500 might potentially form its own bullish pattern - a Bear Trap
4. Russell is bouncing off a strong support
5. S&P500 Advance-Decline line has recently hit a very oversold condition
6. Both SPXA50r and SPXA100r are extremely oversold and are turning up
7. Top 20 Nasdaq stocks above their 100d MA is still green and turning up
8. Bullish divergence on Nasdaq 100 Advancing - Declining Issues (21d MA)
9. AAPL is forming a Falling Wedge pattern
10. Semiconductors have potentially formed a Bull Flag pattern
