Since the end of February, the Nasdaq had displayed weakness after breaking below its long term ascending channel support.

It had attempted to bounce back into the ascending channel twice but failed; once in the middle of March and the last one in the middle of April.

Recent price movement seems to be losing steam as well, no loner able to even hit the resistance of the ascending channel established since the pandemic happened April last year.

In fact, it does seems that a head and shoulder formation might be forming, which is a bearish sign for now.

Both the MACD and RSI are flattening, indicating the loss of strength in the last few sessions.

We may see some short term pullback going forward, which may just be a healthy correction in a bull market. The bull is definitely not dead with the amount of liquidity in the marketplace.

I will be watching the market closely. For a bull market correction, it can fall more than 10%. But investors tend to take this dip as a buying opportunity.