NASDAQ trend lines to watch in the new year
Updated
It is important to step back and look at the big picture sometimes. The NASDAQ is testing the support of the green channel. May see a bounce here, but I think it is more likely that it tests the top of the blue channel in the coming month. Maybe more importantly the black trend line (around 9,500-10,000) looks like a good place to bottom in the near term. Let's hope that holds, else the blue channel center line is next support if dot com crash is anything to go by.
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Comment
If there was a sign that worried me the most is that the NASDAQ has fallen below the 200 week SMA. In recent history that has been a bad sign.Comment
Comment
Test of 20 day and rejected. Not looking promising.
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