Looking at the NASDAQ Index , we can see price is at level of supply and sellers have come in to form a cluster at this level A trader/ investor could conduct an aggressive entry as we have divergence on smaller time frames or wait for trend line break highlighted on daily chart for next impulsive move down to next demand levels. This technical setup is being supported by the Macro fundamentals Due to increase operating cost of business and including higher borrowing cost because of increasing interest rate Advertising companies have reduced their spending habits, this has effected business that generate income obtained from this type of revenue Major Tech stocks are reducing their work force due to reduced revenue This will effect earnings in next reporting period with the anticipation of them dropping and in turn the share price will follow
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Nice example of your MTFA - I think many stocks are looking similar on weekly and daily frames, meaning price is stalling at a supply level. I am expecting lower daily closes these next two days, but it could be more rangebound instead of an actual selloff. As always, time will tell.