NDX (05/12/2020) - Small correction

FA
- 6 reasons why we will have another big drop.
markets.businessinsider.com/news/stocks/stock-market-outlook-6-reasons-for-more-selling-goldman-sachs-2020-5-1029188273
-Trump was furious when it comes to Covid-19 cases => causing worries for people
cnbc.com/2020/05/11/coronavirus-trump-ends-press-conference-after-reporters-challenge-him-on-testing.html
-FED won't take many actions tomorrow, according to their schedule.
newyorkfed.org/markets/domestic-market-operations/monetary-policy-implementation/repo-reverse-repo-agreements/repurchase-agreement-operational-details
newyorkfed.org/markets/domestic-market-operations/monetary-policy-implementation/treasury-securities/treasury-securities-operational-details
-Chinese inflation data missed expectation
cnbc.com/2020/05/12/asia-markets-china-inflation-data-coronavirus-currencies-in-focus.html
-The oil contract will be renewed next week. Keep in mind the numbers will be really bad.
-US10Y barely holds 0.7% yield. People still buy bonds as a safe investment.
-Tech stocks have been bullish for 6 days straight. Time for correction.
-Tech stocks are overvalued. These companies are having a lot of capital from stocks.

TA
-RSI is showing lower- high: bearish
-NDX is still trading above moving average: bullish
-Squeeze indicator is heading south: bearish
-Gap has not been filled on NASDAQ, however, a pullback is expected
-Next target 9100 then a bounce.
-Volume is low: fewer buyers.
Bottom line: small bounce after the market open, then a drop in midday (Same pattern for the last two weeks).
However, please don't yolo on puts/short positions.

Good luck and have fun.