NASDAQ breaks down hard
... and there is momentum indicating that there is more downside, extending beyond the last low.
Weekly chart ended the week with a marubozu type candlestick where the close is at or near the low, suggesting downward momentum is strong. This is seen in the daily chart where the breakdown occured on Thursday and strongly pushed down to then Friday very near the low. The increasing candlestick length suggests similarly as well.
While the weekly technical indicators are not as bearish yet, the daily technicals are indicating a down week to follow, extending beyond the last recent low, perhaps for a day or two.
11,000-11,200 becomes a critical support level for the next week.
Let's see how early next week turns out... whether there is more downside (as Monday reveals down) or a spike down and stall. Currently expecting the former, with space up to a further 10% downside.
Stay safe!
Weekly chart ended the week with a marubozu type candlestick where the close is at or near the low, suggesting downward momentum is strong. This is seen in the daily chart where the breakdown occured on Thursday and strongly pushed down to then Friday very near the low. The increasing candlestick length suggests similarly as well.
While the weekly technical indicators are not as bearish yet, the daily technicals are indicating a down week to follow, extending beyond the last recent low, perhaps for a day or two.
11,000-11,200 becomes a critical support level for the next week.
Let's see how early next week turns out... whether there is more downside (as Monday reveals down) or a spike down and stall. Currently expecting the former, with space up to a further 10% downside.
Stay safe!
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