The NASDAQ declined after positive data for the dollar, especially regarding inflation, and statements confirming no imminent interest rate cuts.
The second reason behind the NASDAQ's decline is Trump, who lost over $3 billion in a few days due to the drop in his media group's shares.
Another reason behind the NASDAQ's decline, in my personal opinion, is that the companies listed under the NASDAQ index are preoccupied with internal production, and this is not the time to introduce new products to the market. Therefore, we expect profits to gradually return to companies listed under the NASDAQ index in the coming months, especially after July.
From a technical standpoint, we are below a very strong line that was breached from the 18350 area, and also above a very strong and pivotal upward trend line. If broken with a daily candle, we will see the NASDAQ once again at 14500.
The pivotal line is approximately in the 16350 area in purple on the chart.
We have two areas to stop the NASDAQ's decline further:
First, ranging from 17206 to 17117.
Second, ranging from 16594 to 16270.
Breaking the first area means transitioning to the second area.
Breaking the second area means penetrating the strong daily pivotal trend. Stability of a daily candle below it means the NASDAQ reaching 14500.
Best of luck!
The second reason behind the NASDAQ's decline is Trump, who lost over $3 billion in a few days due to the drop in his media group's shares.
Another reason behind the NASDAQ's decline, in my personal opinion, is that the companies listed under the NASDAQ index are preoccupied with internal production, and this is not the time to introduce new products to the market. Therefore, we expect profits to gradually return to companies listed under the NASDAQ index in the coming months, especially after July.
From a technical standpoint, we are below a very strong line that was breached from the 18350 area, and also above a very strong and pivotal upward trend line. If broken with a daily candle, we will see the NASDAQ once again at 14500.
The pivotal line is approximately in the 16350 area in purple on the chart.
We have two areas to stop the NASDAQ's decline further:
First, ranging from 17206 to 17117.
Second, ranging from 16594 to 16270.
Breaking the first area means transitioning to the second area.
Breaking the second area means penetrating the strong daily pivotal trend. Stability of a daily candle below it means the NASDAQ reaching 14500.
Best of luck!