The Nasdaq is currently experiencing significant pressure, as the technical indicators MACD and Bollinger Bands are issuing early warnings regarding the potential for further declines. The MACD has dipped into negative territory, with the signal line trending downward, indicating that the previous bullish momentum is beginning to wane.
Furthermore, Nasdaq prices have breached the upper boundary of the Bollinger Bands, signaling that the market may have reached an overbought condition and is at risk of reversing direction. The combination of these two indicators further strengthens the prediction that this stock market could face additional downturns in the near future.
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The Nasdaq could continue its downward trajectory after a clear bearish price structure has developed on the 15-minute timeframe. The price movements that create lower highs and lower lows indicate an ongoing bearish trend. Additionally, the declining Moving Average (MA) further supports the likelihood of selling pressure testing the 19,170 support level.
Technical Reference: Sell while below 19,650
Potential Stop Loss 1: 19,565
Potential Stop Loss 2: 19,650
Potential Take Profit 1: 19,250
Potential Take Profit 2: 19,170
