NASDAQ trendlines to watch - Back in the 2016 channel
Updated
In less than a month the NASDAQ erased a year of gains. I guess the old saying still rings true that the markets take the stairs to the top and the elevator to the bottom. Overnight as Russian invaded Ukraine, the NASDAQ broke down and reentered its main trading channel since 2016. I expect that we will see further weakness until at least it tests the black support line. I hope that provides support and a chance for a solid rally in the coming week or so. If not, then the center of the trading channel looks like the next likely place to find support. I am not one to think the markets are going dot com bubble crash, but this weakness may continue for months. This could be a great buying opportunity for the short term in case we get a strong counter rally to test ATH, but we will need to wait it out a bit more to see when the bottom is actually in.
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as of 10:40am
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