The NASDAQ index continues to display signs of a prevailing downward trend, influenced by negative indicators from the technical analysis tools: Moving Average (MA) and MACD. The price being situated below the 24-period MA line reinforces that selling pressure remains dominant, suggesting the potential for further declines in the near term.
Moreover, the MACD indicator, which is positioned below its signal line, emphasizes that the bearish momentum remains considerable. This combination of negative signals from both indicators suggests that the NASDAQ is likely to continue its downtrend.
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In alignment with the analysis from the hourly chart, the 15-minute graphic above indicates a downward opportunity, as the current price is within a bearish channel coupled with the MA pointing downwards, intensifying the downward pressure. If this scenario plays out, the NASDAQ may test the support level at 21,125.
Technical Reference: sell while below 21,450
Potential Stop Loss 1: 21,380
Potential Stop Loss 2: 21,450
Potential Take Profit 1: 21,185
Potential Take Profit 2: 21,125
