The Nasdaq remains firmly within a bearish channel on the 1-hour time frame, emphasizing that selling pressure continues to prevail, leading to a consistent downward trajectory. The price’s persistent adherence to the lower boundary of the channel indicates that every attempt at a rebound is continuously thwarted by the aggressiveness of sellers. This situation illustrates a defensive market where buyers have yet to regain momentum, with downward pressure being the primary factor driving the movements.
Technical signals further reinforce this bearish dominance. The downward trajectory of moving averages, a ZigZag pattern forming a structure of lower highs and lower lows, along with the MACD remaining in negative territory, collectively depict a weak trend. These three indicators suggest that selling pressure remains robust, and the potential for the Nasdaq to experience further declines is still significant, especially if prices fail to break through the resistance of the channel.
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On the 15-minute time frame, bearish pressure has reemerged after prices broke through the low of the declining channel, indicating that sellers are becoming increasingly active. The Bollinger Bands, which have started to slope downward, support this weakening trend, while the CCI positioned in the overbought territory suggests that the minor upward phase or pullback may have concluded. With a cohesive technical combination, the Nasdaq is poised to continue its decline and may test a crucial support level at 23,932.
Technical Reference: sell while below 24,545
Potential Stop Loss 1: 24,420
Potential Stop Loss 2: 24,545
Potential Take Profit 1: 24,077
Potential Take Profit 2: 23,932
