US Nas 100Short
NASDAQ Approaches Important Swing Test
After making a lower low on the large decline and bouncing at the Red Fib's 0.786, the NQ now approaches an important level. This swing test will play a big role in determining whether we can sustain an overall uptrend; or, if we reject, the the new trend is down.
Note that we're approaching two important fib levels:
The Red 0.236
The Yellow 0.786.
I would bet that we see rotation, i.e. failure at the top of the swing - and we plunge lower. The reason I say this from a technical perspective is that we made a lower low of the previous leg; plus, fundamental economic factors (a shattered economy, 16+ million jobless claims) do not bode well for higher highs.
Note that we're approaching two important fib levels:
The Red 0.236
The Yellow 0.786.
I would bet that we see rotation, i.e. failure at the top of the swing - and we plunge lower. The reason I say this from a technical perspective is that we made a lower low of the previous leg; plus, fundamental economic factors (a shattered economy, 16+ million jobless claims) do not bode well for higher highs.
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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.