Somethings to watch overnight in prep for the week kicking off the major earnings week (475 companies on Tuesday 10/27 and 615 on Thursday 10/29). NASDAQ has a very consolidating look to it over the last week waiting for some good news to break out. Right now it is wedged into the intersection of several key trading channels and trend lines. The slow drop off the resent high seems to have given ample RSI to break out. We should find out a lot overnight if the resistance trend lines are broken or it is rejected.
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9am Monday morning.
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Right on cue.
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Did not drop as low as expected, but it only rebounded back to the middle of the channel. Will be interesting to see if it continues down to the green fib level to form support.