The Nasdaq index continues to exhibit significant signs of weakness after decisively breaking through a major support level, a movement often seen as a precursor to an extended bearish trend. This breach has triggered concerns among investors, as it typically indicates that prices may continue their descent towards the next support zone.
Moreover, technical indicators such as the Moving Average (MA) and the MACD (Moving Average Convergence Divergence) are also signaling a bearish outlook, with the MA line trending downward and the MACD revealing negative momentum. The combination of these elements reinforces the expectation that the Nasdaq could face further declines in the near future.
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Currently, the Nasdaq is displaying a pronounced bearish structure on the 15-minute timeframe, suggesting that the likelihood of a downturn is increasing. This decline is magnified by the behavior of the Moving Average (MA), which acts as a trend indicator and reveals that prices are situated below the MA line, implying that selling pressure is prevalent. Given this scenario, traders should remain vigilant for potential further movements downwards that may test the support level of 21,065.
Technical Reference: sell while below 21,520
Potential Stop Loss 1: 21,435
Potential Stop Loss 2: 21,520
Potential Take Profit 1: 21,160
Potential Take Profit 2: 21,065
