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The Nasdaq Composite and the NDX are testing the 50sma today once again. This time may be different. Back on September 5th, a number of big tech names like AMZN and NFLX got hit pretty hard along with the nosebleed stocks like TNDM and SQ . Today they are getting hit again and others like recent IPO SFIX are getting hammered. The market is overdue for...
It appears that a channel is forming on the 60-minute chart (left). But on the daily chart (right), price action is consolidating into a potential bear flag formation. Also, the 9-ema which provided support during the August uptrend is now resistance.
4Hr Chart. Continuing to test upside resistance over the last 2 months. The short-term support trendline is being tested right now. If it breaks down, there is long-term support established below @ 1.151-1.154. I would only take action on a breakout or a test of long-term support zone.