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NASDAQ Erases 7 Months Of Gains With Sharp Decline. Is It Just Getting Started?

By Chris KimbleMarket OverviewJan 25, 2022 11:07AM ET

www.investing.com/analysis/nasdaq-erases-7-months-gains-with-sharp-decline-is-it-just-getting-started-200615894

NASDAQ Erases 7 Months Of Gains With Sharp Decline. Is It Just Getting Started?

By Chris Kimble | Jan 25, 2022 11:07AM ET

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The tech wreck has been fast and furious. And considering that the stock market correction is still relatively new, we really don’t know if it will end soon or carry on for weeks or months.

Today’s chart is linear and takes a long-term monthly view. As you can see, the NASDAQ Composite Index registered a bearish monthly reversal at the top of the channel at (1).

NASDAQ Composite Monthly Chart

NASDAQ Composite Monthly Chart

And in the first 21 days of the year, this broad index of technology stocks has wiped out the prior seven months of gains!

This shows up in that gigantic engulfing price candle at (2). The selling has been fast and furious, so a bounce could come anytime. But this ominous candle should at least be a reason to proceed with caution in the weeks ahead.

The long-term trend is up. But stocks can still face severe corrections even in an up-trend. With this in mind, it is always good to mind bearish reversal patterns. Stay tuned.

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Comments (8)

Thomas Neumann Jan 25, 2022 11:56PM ET

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Chris, seriously?

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Sidney Glover Jan 25, 2022 9:56PM ET

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I agree with Magnum this is one of the worst articles Even a carnival psychic would have something more substantial. more rubbish than a full garbage truck. the stock is a gamblers paradise now with nothing technical or financial logic. These charts are just kiddie drawings.

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Bob Silva Jan 25, 2022 6:02PM ET

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Stonks only go up

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Magnum Dong Jan 25, 2022 4:20PM ET

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what a terrible article

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Jan 25, 2022 4:20PM ET

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Yes. Many people like me sitting in cash seeimg real estate and stocks over priced

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Gerard Bufort Jan 25, 2022 4:15PM ET

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3 last months were not so difficult to erase ....

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katya litski Jan 25, 2022 3:17PM ET

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thanks biden

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Mike Lee Jan 25, 2022 2:18PM ET

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Nice Chart, thanks

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