The Nasdaq index is experiencing selling pressure after failing to break through the upper boundary of the Bollinger Bands, indicating a potential price correction. The rejection from this level suggests that the Nasdaq has reached a significant resistance area, prompting profit-taking among market participants.
The MACD indicator further strengthens the bearish signal with the histogram beginning to shift into negative territory and the signal line poised to potentially cross downward. This combination indicates a weakness momentum that could lead the Nasdaq towards the next support level if selling pressure persists. Traders are advised to monitor for additional confirmations to anticipate a deeper potential decline.
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The Nasdaq may continue to decline following the establishment of a clear downward price structure on the 15-minute timeframe. The price movements creating lower highs and lower lows signal an ongoing bearish trend. Additionally, the descending Moving Average (MA) further solidifies the potential selling pressure testing the support at 19,160.
Technical Reference: sell below 19,805
Potential Stop Loss 1: 19,690
Potential Stop Loss 2: 19,805
Potential Take Profit 1: 19,312
Potential Take Profit 2: 19.213
