The Nasdaq is currently experiencing increasing selling pressure, with technical indicators suggesting a possible correction in the near future. The downward-moving Moving Average (MA) signals a bearish trend, and prices have now fallen below the 24-period MA, acting as a dynamic resistance level.
Additionally, the Stochastic indicator is situated in the overbought territory, indicating that market conditions have become saturated with buying, thus raising the likelihood of a price reversal to the downside. This potential decline could pave the way for a correction towards lower support levels.
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On the 15-minute timeframe, the Nasdaq is under bearish pressure, with the formation of a bearish channel indicating further decline potential. Current prices are below the downward-sloping 24-period Moving Average (MA), reinforcing the bearish signal. As long as the Nasdaq remains below the 24 MA and the bearish channel is not breached, there is a significant risk of a drop toward the support level of 19,300.
Technical Reference: sell while below 19,720
Potential Stop Loss 1: 19,665
Potential Stop Loss 2: 19,720
Potential Take Profit 1: 19,370
Potential Take Profit 2: 19,300
