The Nasdaq has come down from its recent peak.
As we said four weeks ago, the market is likely to become range bound between 3100 and 2900 for a while.
That scenario appears to be on track.
Let’s have a look at the current chart (click for larger image):
We remain in lunar Green Period this week, so some rebound move is likely. But the Nasdaq will probably drift down to 2900 before any meaningful new rally can start.
So I would wait for a better entry point (in May or June) if you are planning to buy.
Good luck, Danny