The daily NASDAQ chart shows that we broke trend with support – it fell to the region of $167. When we break support, it is very likely we can go test its resistance again and that’s a trendline we want to break through, to continue to resume a bullish trend.
Right now, it’s showing a temporary push to the upward side, taking it back to the region of $188. If we don’t break through back into the region of $191-$195 or more, it could be indicating another letdown to the downward side.
It’s important to understand that we have had a break of support. Do we reclaim that trend? Or, if we don’t, can we turn it into resistance and get rejection and get another leg to the downward side?
This chart is showing we could have a few days of green but in the next week or two we do need to break back into trend again. If not, we could be looking at another negative month for the NASDAQ.
