The Nasdaq is displaying significant signs of weakness after breaking through a strong support level, often seen as an early indicator of a further bearish trend. This breach raises concerns among investors, as it typically suggests that prices may continue to decline toward the next support level.
Moreover, technical indicators such as Moving Average (MA) and the Moving Average Convergence Divergence (MACD) are also signaling a bearish outlook, with the MA line trending downward and the MACD indicating negative momentum. The combination of these factors reinforces the belief that the Nasdaq may face additional declines in the near future.
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Currently, the Nasdaq exhibits a clear bearish structure on a 15-minute timeframe, suggesting that the potential for further declines is growing stronger. This downturn is reinforced by the movement of the Moving Average (MA), which serves as a trend indicator, indicating that prices are below the MA line, signifying dominant selling pressure. In this situation, traders should stay alert to the possibility of further downward movements to test the support level at 21,135.
Technical Reference: sell while below 21,640
Potential Stop Loss 1: 21,560
Potential Stop Loss 2: 21,640
Potential Take Profit 1: 21,230
Potential Take Profit 2: 21,135
