The Nasdaq continues to operate within a bearish channel on the 1-hour time frame, confirming that selling pressure is prevalent and the downward trend is consistently ongoing during the US session tonight. The price consistently touching the lower boundary of the channel indicates that any attempts at a rebound are being thwarted by the aggression of sellers, which reflects a defensive market condition. Buyers have yet to match this pressure, meaning the downward momentum remains a key factor guiding price movements in the short term.
Technical signals further bolster the bearish dominance during the US session tonight. The declining Moving Average (MA), the ZigZag pattern forming a structure of lower highs and lower lows, along with the MACD remaining in negative territory, all confirm that the trend is weak. With this combination of signals, selling pressure remains strong, and opportunities for the Nasdaq to continue its decline are still very much present, especially if the price fails to break through the resistance line of the channel that limits upward movement.
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The Nasdaq has once again demonstrated downward pressure after being resisted at the Bollinger Bands’ resistance area on the 15-minute time frame, indicating that buyers have not succeeded in maintaining recovery momentum. This situation is reinforced by the MACD still residing in negative territory, reflecting that sellers are firmly in control. With this combined technical signals, the Nasdaq is poised to continue its decline and test an important support level at 24,690 in the near future.
Technical Reference: sell while below 25,055
Potential Stop Loss 1: 24,985
Potential Stop Loss 2: 25,055
Potential Take Profit 1: 24,760
Potential Take Profit 2: 24,690
