Nasdaq Composite Technical Analysis

The Nasdaq Composite has been showing strong bullish momentum in recent weeks, with the index hitting new all-time highs. However, the technical indicators suggest that the index may be overbought and due for a correction in the near term.

The Relative Strength Index (RSI) is currently in overbought territory, indicating that the index may be due for a pullback. Additionally, the Moving Average Convergence Divergence (MACD) indicator is showing signs of potential bearish divergence, which could signal a reversal in the near future.

On the flip side, the index is still trading above its 50-day and 200-day moving averages, which is a bullish sign. If the index is able to maintain its current momentum, it could continue to push higher in the coming weeks.

Overall, the technical indicators suggest that the Nasdaq Composite may be due for a short-term correction, but the long-term trend remains bullish. Traders should keep a close eye on the RSI and MACD indicators for potential signals of a reversal in the near future.