Last week, each of the major indices met resistance levels that echoed those from early 2022, resulting in a sustained price dip throughout this week. The Nasdaq, S&P 500, Russell, and Dow Jones indices all ended the week in negative territory. MSFT, notably, created a Bull Trap pattern when the price couldn't maintain its ascent to fresh all-time highs. Amplifying investor concerns, AAPL saw a significant decline post its earnings announcement yesterday, hinting at a potential Bull Trap formation on its own stock.
Given these recent dynamics, there's an undeniable uptick in uncertainty for long-only strategies this week. Moving forward, it's crucial to monitor AAPL and the four primary indices. A more aggressive bullish position may be warranted if these indices can surpass their respective resistance levels: NQ at 16000, ES at 4640, RTY at 2000, and YM at 35760.
NQ - Nasdaq
ES - S&P500
RTY - Russell
YM - Dow Jones
MSFT -- Bull Trap
AAPL - Potential Bull Trap
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