Bottom of the Nasdaq hit this week?
In my 3 charts I am breaking down the Nasdaq (NQ) futures. I am looking at the weekly time frame to the left, the daily in the middle and the 4hr to the right.
On the left weekly time frame we can see the recent higher low hit along with those nice long lower wicks, this looks like a pretty strong bottom confirmation to me.
Also I point out how important the 14400 price is on the Nasdaq. Support becomes resistance so now it must break back above that resistance.
The middle daily chart we can see the all time highs hit on November 22nd and then the lower highs put in a few weeks later.
The downward trendline showing the lower highs and lower lows in, the definition of a downtrend.
I like the breakout today along with the higher lows in from previous day. Very Bullish sign
On the 4 hr chart on the right we can see price pulling back now and I point out that 13600 support is gonna need to hold up.
To really turn around on the Nasdaq and to confirm a trend change, I would want to first see price back above the 14k level but then that crucial 14400 resistance.
On the left weekly time frame we can see the recent higher low hit along with those nice long lower wicks, this looks like a pretty strong bottom confirmation to me.
Also I point out how important the 14400 price is on the Nasdaq. Support becomes resistance so now it must break back above that resistance.
The middle daily chart we can see the all time highs hit on November 22nd and then the lower highs put in a few weeks later.
The downward trendline showing the lower highs and lower lows in, the definition of a downtrend.
I like the breakout today along with the higher lows in from previous day. Very Bullish sign
On the 4 hr chart on the right we can see price pulling back now and I point out that 13600 support is gonna need to hold up.
To really turn around on the Nasdaq and to confirm a trend change, I would want to first see price back above the 14k level but then that crucial 14400 resistance.
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