The Nasdaq failed to break above the LT downward sloping trendline last week on the 12th & has found itself in quite a bearish posturing since.
Things to note:
- rejection @ 21 SMA & downward sloping trendline
- 21 about to cross below 100 (bearish)
- 9 now acting as resistance. BEWARE if this curls down!
- Filled our gap this morning @ $11.9k
- Bear target #1 July low @ $11.5k
- Bear target #2 June low @ $11k
See my earlier work for bear flag measured move targets IF we re-test the June low & it FAILS.
Big week with the FED FOMC meeting & rate raise, so be vigilant, don't fomo, avoid hype, read the charts, and for God's sake listen to LeMan!
Things to note:
- rejection @ 21 SMA & downward sloping trendline
- 21 about to cross below 100 (bearish)
- 9 now acting as resistance. BEWARE if this curls down!
- Filled our gap this morning @ $11.9k
- Bear target #1 July low @ $11.5k
- Bear target #2 June low @ $11k
See my earlier work for bear flag measured move targets IF we re-test the June low & it FAILS.
Big week with the FED FOMC meeting & rate raise, so be vigilant, don't fomo, avoid hype, read the charts, and for God's sake listen to LeMan!