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First, note how price backed off and failed to touch the higher trendline in August.
Next, the market provided another clue, as the next rally showed bearish divergence on the Stoch RSI.
Though prices bounced from a fairly critical trendline, the last week as confirmed the down direction as price as sold at the 20EMA.
It is fair to assume that more downside ...
The NASDAQ continues to progress in a channel within a fork structure. Nothing is bearish here.
The upper portion of the fork was re-captured in May, and price has held there ever since. Should the rising channel break, I expect the mid line of the fork to hold as support, as it has done previously. A break of that line would only imply a retest of the lower ...
The story of the NASDAQ is the story of a lot of global equities at this point. The SPX and DE30EUR come to mind.
This, among others, is what makes me doubtful of new DJIA highs. I've singled out the NASDAQ because the bearish divergence is the clearest.
I favor shorting the NASDAQ on intraday rallies because of this clarity. A break of green support to the ...
Pin Bar trade Nasdaq100