As you can watch now in my chart and what is really important in this whole environment the NASDAQ currently builds up are the established rising-support-lines which you see marked with the and the numbers 1,2,3, these are the preliminary holding the whole uptrend to the upside and therefore important to hold. Furthermore, you can watch that NASDAQ broke the first major trendline to the downside which can indicate a correction to test the next trendline as you can watch it in my chart, from there it is possible to back-up and move on when this is not the case it is overall highly important to hold the third major trendline in the structure because when this does not happen the index will show continuation downside in the zone.
Overall we can take note that the NASDAQ provided some healthy and strong up moves but to hold this it is from high importance that the index shows stabilization in the range and do not falls to lower levels again because when this happens the possibility for a more protracted continuation is given as the S&P and other major market indices still trading below all-time-highs and there are still big differences between real economy which is damaged of the declines seen this year and the stock market where many stocks showing growth the bear market is not from the desk and confirmedly over which can come back again with increased pace, therefore, it is highly important to not lose this scenario out of mind to be prepared when it shows to take appropriate action.
In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
The past, like the future, is indefinite and exists only as a spectrum of possibilities.
Information provided is only educational and should not be used to take action in the markets.