NASDAQ Broken below 13K
BAD NEWS here... for many, not all.
The NASDAQ followed through with the heavy downside momentum, and broke below 13,000! Worse, it closed the week below the 13,000 (and the 12,900 intraday buffer set out earlier).
The weekly chart show nice long candles that end the weeks very close to the low or at the low, showing the continued downside momentum that is not at all easing. MACD suggest more downside in the weeks to come, although the RPM is suggesting some mitigation in the downslide.
12600 is a light support, and 11730 is the next major support (50% Fib).
The daily chart is bearish clearly. Having to reclaim above 13K would also mean a gap closure above 13180.
While the daily candlestick is suggesting downside momentum, the MACD and RPM are indicating some mitigation on the downside, at least for some reprieve.
Overall, May does not look good for the NASDAQ NQ1!
More down drafts expected.
12,600 expected to hold briefly, if at all.
Next major support 11,730.
The NASDAQ followed through with the heavy downside momentum, and broke below 13,000! Worse, it closed the week below the 13,000 (and the 12,900 intraday buffer set out earlier).
The weekly chart show nice long candles that end the weeks very close to the low or at the low, showing the continued downside momentum that is not at all easing. MACD suggest more downside in the weeks to come, although the RPM is suggesting some mitigation in the downslide.
12600 is a light support, and 11730 is the next major support (50% Fib).
The daily chart is bearish clearly. Having to reclaim above 13K would also mean a gap closure above 13180.
While the daily candlestick is suggesting downside momentum, the MACD and RPM are indicating some mitigation on the downside, at least for some reprieve.
Overall, May does not look good for the NASDAQ NQ1!
More down drafts expected.
12,600 expected to hold briefly, if at all.
Next major support 11,730.
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