Two weeks ago, the NASDAQ jumped after bouncing off a support level and tested the 13K resistance... which appeared to have failed, given the Dark Cloud Cover candlestick ending to the week. The daily technicals do not yet tell of a down slope slip, but it should be following through. And if it does, then we have this Down Friday Down Monday thingy... means more downside to come.
The Weekly chart ended with a a candlestick that seem to stall the previous bullish candle. The weekly technicals are slightly bullish divergent.
Taken together, appears that we can expect some downside risk to the last low, probably see a higher low within the week, if at all.
The range is going to be a little wider than usual, until this consolidates out nicely and a new trend starts. So, let's see.
@Auguraltrader - what are your thoughts on the key support and resistance levels? 12,300 vs 12,758? do you think it is a red Monday / Red Friday event tomorrow?
Auguraltrader
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Hi @AAHErbil! my support levels are marked on the chart. :)
IF the candlestick patterns are telling & real enough, then yes... Monday should be red.
Have a great week ahead!
AAHErbil
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@Auguraltrader, bad news then! I hope your candle sticks are lying so it can be a bullish Monday :)...
Auguraltrader
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@AAHErbil, Bad or good news really depends if you are long or short (or long calls/puts). :)