It is important to step back and look at the big picture sometimes. The NASDAQ is testing the support of the green channel. May see a bounce here, but I think it is more likely that it tests the top of the blue channel in the coming month. Maybe more importantly the black trend line (around 9,500-10,000) looks like a good place to bottom in the near term. Let's hope that holds, else the blue channel center line is next support if dot com crash is anything to go by.
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If there was a sign that worried me the most is that the NASDAQ has fallen below the 200 week SMA. In recent history that has been a bad sign.
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Comment:
Test of 20 day and rejected. Not looking promising.
