The US session started with the index being down circa 1%, trading at around 12,000 USD.
The index is now testing the short-term bearish trend line from September and October highs, near 12,150 USD. If this level is broken to the upside, the medium-term uptrend would be confirmed, with the next target at September highs of 12,450 USD.
Jumping above September highs would most likely accelerate another leg higher toward 13,000 USD.
The key support is near 11,560 USD, and as long as Nasdaq trades above this support, dips should be bought, with bulls being fully in control.
The fundamental situation still seems extremely bullish - despite lockdowns and economic recessions worldwide, stocks are only interested in the rising money supply. And since fiscal stimulus is coming, more monetary stimulus is coming as well, and other major central banks are already increasing their QE, stocks will most likely only go up. Easy.
