The NASDAQ index continues to exhibit signs of a prevailing downward trend as of this evening, bolstered by negative signals from technical indicators, specifically the Moving Average (MA) and MACD. Prices trading below the 24-period MA line emphasize that selling pressure remains strong, suggesting potential further declines in the short term.
Moreover, the MACD indicator, positioned below the signal line, reinforces the notion that bearish momentum is still quite robust. Given the combination of negative signals from both indicators, the NASDAQ is poised to extend its downtrend.
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Correspondingly, the one-hour chart analysis aligns with this outlook. The 15-minute chart also presents a downward opportunity as prices currently sit within a bearish channel while the MA indicator continues to trend downward, increasing bearish pressure. If the scenario unfolds as expected, NASDAQ might test the support level at 21,125.
Technical Reference: sell as long as it remains below 21,490
Potential Stop Loss 1: 21,425
Potential Stop Loss 2: 21,490
Potential Take Profit 1: 21,185
Potential Take Profit 2: 21,125
