As per my previous charts, the Nassie (cute name for Nasdaq I heard) has to hold this support level of 13000 if there's sign that the bulls are still in play in this market. Bears have been hibernating for a long time and are out but I don't believe the market is ready to pullback further/give up just yet. That being said, if this level doesn't hold, a short tumble of 3.5-4% would be easy to see, taking us down to 12600 support once more.
On the other hand, just 1-1.5% up would land at the downtrend line. A bit more could pierce through it and finally show some hope this downtrend is coming to an end.
On the other hand, just 1-1.5% up would land at the downtrend line. A bit more could pierce through it and finally show some hope this downtrend is coming to an end.
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Yesterday was a good day. Now this has to hold above that downtrendline for this move to be real!
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Amazing set of days... we may see a little consolidation next week but this just got pulled back into good territory.
Comment:
deja vu anybody?
