Nasdaq Eyes Bearish Correction After Six-Day Rally
Updated
Futures Edge Higher as S&P 500 and Nasdaq Extend Six-Day Winning Streak
Nasdaq Technical Analysis
The Nasdaq is anticipated to undergo a bearish correction today, with price action likely to consolidate between 19,210 and 19,625 until a breakout occurs.
Bullish Scenario:
For a bullish continuation, the price must break above 19,625 and close a 4-hour candle above this level, targeting further gains towards 19,820 and 20,100.
Bearish Scenario:
A downward move could see the price drop towards 19,390 and potentially test the 19,210 support level.
Key Levels:
- Pivot Point: 19525
- Resistance Levels: 19625, 19830, 20100
- Support Levels: 19390, 19210, 18940
Expected Trading Range Today: 19,210 to 19,625
Trend: Bearish Correction Towards 19,210
Nasdaq Technical Analysis
The Nasdaq is anticipated to undergo a bearish correction today, with price action likely to consolidate between 19,210 and 19,625 until a breakout occurs.
Bullish Scenario:
For a bullish continuation, the price must break above 19,625 and close a 4-hour candle above this level, targeting further gains towards 19,820 and 20,100.
Bearish Scenario:
A downward move could see the price drop towards 19,390 and potentially test the 19,210 support level.
Key Levels:
- Pivot Point: 19525
- Resistance Levels: 19625, 19830, 20100
- Support Levels: 19390, 19210, 18940
Expected Trading Range Today: 19,210 to 19,625
Trend: Bearish Correction Towards 19,210
Trade closed: target reached
New Update
The market recently experienced a significant upward movement of approximately +330 pip, followed by a reversal. This reversal has introduced a critical level of sensitivity. A sustained close below 19,525 on the 4-hour chart could signal the onset of a bearish trend, potentially driving the price down toward the 19,220 level.
Tomorrow, Jerome Powell's speech at the Jackson Hole symposium is anticipated to have a profound impact on the market. His remarks will likely shape market sentiment and could either reinforce or alter the current trajectory.
We will continue to monitor the situation closely and provide timely updates on the market's reaction to Powell's speech, as well as insights into the underlying dynamics at play. Stay tuned for further analysis.
Trade active
UPDATE
The price will be sensitive you should take care about breaking 19525 because stability under it means a downtrend toward 19220
Otherwise, as long as trades above 19625 mean will support rising to get 20100
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