NASDAQ - the candlestick that broke its back
The NASDAQ (and other indices like the SPY/SPX) appears to have what I would call the decisive candlestick(s).
For the NASDAQ, it appeared ready to break out and then it epic failed with a long tailed dark cloud cover type of candle. Speaks so much to say that it is heading down. IF it is as expected, then we should see a break down below the red box (outlined yellow), the break down area. This are holds a number of supports and breaking down below should see it pushed to 11750 support area around mid-April.
IF this is a wrong technical read, then 13,000 shoudl be easily attained and maintained. At this point, I do not see that happening, if at all.
Still early in the down draft, so technical indicators are not yet aligned.
Note to add...
SPY's candlestick closed the gap as well!
https://www.tradingview.com/x/kT4AtShT/
For the NASDAQ, it appeared ready to break out and then it epic failed with a long tailed dark cloud cover type of candle. Speaks so much to say that it is heading down. IF it is as expected, then we should see a break down below the red box (outlined yellow), the break down area. This are holds a number of supports and breaking down below should see it pushed to 11750 support area around mid-April.
IF this is a wrong technical read, then 13,000 shoudl be easily attained and maintained. At this point, I do not see that happening, if at all.
Still early in the down draft, so technical indicators are not yet aligned.
Note to add...
SPY's candlestick closed the gap as well!
https://www.tradingview.com/x/kT4AtShT/
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