The Nasdaq’s movement in the 1-hour timeframe is exhibiting significant bearish pressure after the price broke through the middle line of the upward channel that had been guiding its movement since early June. A sharp correction at the start of Friday’s trading session (June 13, 25) signified a shift in market sentiment, highlighted by a steep drop in prices that penetrated the dynamic support and approached the lower boundary of the channel. This decline was also accompanied by the MACD histogram moving further into negative territory, indicating the dominance of selling momentum.
However, in the latest session, there has been a noticeable buying reaction near the lower channel support, suggesting a potential short-term technical rebound. Nevertheless, as long as the price cannot move back above the middle line of the channel and the MACD indicator shows no reversal signal, the bearish pressure remains a concern. Should prices weaken again and break through the lower boundary of the channel, deeper corrections toward lower supports could ensue.
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In the 15-minute timeframe, the Nasdaq is beginning to form a bearish channel, indicating the potential continuation of selling pressure in the short term. The price action, which tends to create lower highs and lower lows, reinforces this downward structure, while the limited bounces reveal weak buying momentum. As long as prices remain below the upper line of the channel with no strong reversal signals, the possibility of further declines remains open, targeting support at 21,473.
Technical Reference: sell while below 21,890
Potential Stop Loss 1: 21,792
Potential Stop Loss 2: 21,890
Potential Take Profit 1: 21,555
Potential Take Profit 2: 21,473
