Good morning Traders!

Better the expected earning results for big tech saw the FANG index continue to march higher.

FANG Index

The Daily and the Weekly charts are now in a confirmed uptrend, while the Monthly chart has broken it’s downtrend as it printed a Higher High.

On the Daily and the 4hr charts, the market is currently overextended from it’s Moving Averages, and I am looking for a pullback to release some of this buying momentum and for price action to catch up with it’s averages.

The area that I am eyeing for the pullback is around the 6200 level, this area acted as support before the market broke through it and closed above it, it is also a round number which could add weight to the strength of the level.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

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