Not looking good at all. Doesn't look like it's going to hold support at 13,600 and thus a fall down to previous supports of 13,000 is quite likely - although if there's any life left in tech, we might see a little bump in attempt to regain 13,600 before a straight up fall down to 13,000.
Double top formation looking pretty bearish.. everything not looking so sweet as it was just a little bit ago - and not entirely unexpected after such a rally that jumped up leaving a lot of gaps to fill on the reverse.
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Hate to say I told yah so:
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Okay, so the sell off today was quite bad but.. now we rest at 13,000 once again. RSI indicates it's into oversold territory. Expecting a bit of a bounce either tomorrow or the next if there's any bulls remaining:
I don't see the reason for concern. The Nasdaq bounced off its trendline today and put in a hammer. Looks like it is doing exactly what is expected. It should be up from here, for awhile, within the channel.
@Teabo, Yeah, it is so. The chart said what it said. Predicting the future isn't about certainty, it's about probability. If you were certain where the market would go, you wouldn't have time on your hands to leave snide and unhelpful comments. And if the NASDAQ had gone up, everyone else would have been saying "is that so?" to you. Don't be silly.
Teabo
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@jlayneVA, Firstly, that's not what the chart said. The chart said this was going down which is exactly why I posted it stating that the Nasdaq not looking good. Your comments that 'I don't see the reason for concern' and 'should be up from here, for a while' based off a single candle and not actually looking at the trends in the market, was something I found funny. You deserved a 'is that so' comment. Forecasting a likely scenario based off a single candle pattern was and is, extremely amateur and narrow sighted.
jlayneVA
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@Teabo, It was not based on a single candle. I drew the trendline and observed the sharp bounce from it from significantly lower levels earlier in the day. That trendline was on my chart for months. I didn't add that post hoc. It's awfully easy to predict something when you hedge, as you did, between saying it might hold support and might not (you didn't say it was "going down..." You said it could hold but looked like it wouldn't...) No kidding! Of course it could have held 13,600, or not. It had to do one or the other. I thought it would hold and bounce. It didn't. It did the opposite. And I didn't see reason for concern. Your attitude is pathetic.
Teabo
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@jlayneVA, The fact that you're so stirred up over 'is that so' is the pathetic aspect.
jlayneVA
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@Teabo, You are childish and reported. Shame on you. Maybe I'll follow you just to chime in every time you predict something incorrectly. This is supposed to be a forum where we help each other figure out things, not insult people for not correctly predicting the future. You are unprofessional and an ass.
Teabo
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@jlayneVA, By all means report me, what do you think that will achieve? I'm not the one who started getting insulting with comments like 'snide and unhelpful', 'don't be silly', 'your attitude is pathetic' and calling me 'childish', 'unprofessional and an ass'.
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@Teabo, No, that I said after you said "your trading is pathetic" (which you seem to have now deleted). No. Actually it isn't. I'm still up 12% for the year and almost 300% for last year. So if that's pathetic, I'll take it. I called you out for your junenile antic of basically spiking the ball after the market dropped. No, I wasn't as concerned, even though I noticed the obvious double top. Those generally do not concern me as much in a market with more upward gravitas than for individual stocks. I have seen the market plow through those before, and with many stocks already hammered in recent months, I thought buyers would step in, which I thought the bounce Friday confirmed.
My optimism turned out to be unfounded and premature. Happens sometimes, to everyone. But when it does, adults typically respond by saying the obvious: you win some and you lose some; you can't predict them all; or something like that. Not you. No, with your mundane and rather unremarkable quasi-prediction, you think you've done something so prescient as to need to insult others who happened this time not to agree. Well, congratulations. Had I noticed it myself rather than see your self-congratulatory post, I would have said spot on! You called it this time. But given your poor attitude and poor ability to be part of the community here, my retorts were well deserved, and I meant every word of them. Now I will block you, if possible. I absolutely have no desire to see your name again.
Teabo
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@jlayneVA, I absolutely have no desire to see your name again. I think we can agree on that for sure.