NASDAQ - the candlestick that broke its backThe 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!
