Nasdaq to 12505 or 13472 (leaning bearish)
Updated
Sideways auction appears to be breaking critical support, with moving averages cross and convincing break of weekly pivot point (cyan). Weekly pivot point is the bear/bull line on the week. I can see it trading to the Weekly S1. Pivot points act as magnets, as algo's are actively trading at them.On the flip side of this, is S2 is strong support, and this can actually turn into a buy signal (beartrap). Watch for price close above or below S2, and manage risk accordingly.
It is very likely it hits either one before weeks close.
It is very likely it hits either one before weeks close.
Note
rez daily s1 12959.5
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.