NASDAQ testing linear regression channel support!

Updated

Kind out of nowhere the NASDAQ has lost its bullishness. As of this morning it is holding at the support line off the March 2020 low and has tested a candle shadow down to to the support line of the linear regressions from Feb 2020. The 1d RSI looks like it has more to go, but will have to watch it closely to see if it is a test like October/November or a large pullback is in play. The 4h RSI looks like we could see a bounce this morning with buy the dippers.

Note

Opening bell and down she goes.

Note

Buy the dip trying to save it. Right now at 10am the support line has become resistance. Lets see if it holds of buy the dip wins.

Note

11:43am and seems stuck for now. Found some support but seeing strong resistance.

Note

12:41pm, and the NDX is wedge in between the major up channel and the current down channel.

Note

View from QQQ

Note

Counter rally ran out of steam and the down channel still looks to be in play

Note

Thursday 12:53pm and buy the dippers are getting hit hard today. Looks like the NDX is not ready yet. Let's see if the support line holds.

Note

Another look from QQQ. Way below 21 day, below 50 day, and eyeing the 100 day.

Dr_Roboto

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.