Just an update that a few technical and correlation points suggest that the NSDAQ is likely to break down below 13K.
First up, the breakdown from the consolidation zone was very strong with a gap down and runaway to form a long down candle. No lightening of momentum observed yet.
Next, there appears to be a potential for crude oil price spike. In order for such a spike to occur, there must be a significant event expected to occur. Such an occurrence would also push the NASDAQ down below 13K.
Noted that the lower Bollinger Band is also near 13K, so that may mitigate the downside... hopefully.
Yesterday's close in the white rectangle box was indicative of downside momentum, and can expect some follow through. The yellow box is the projected extended downside expectation; which brings the possibility as low as 11,880.
This is IF support breaks and close below 13K.
12,780 next immediate support below 13K.
First up, the breakdown from the consolidation zone was very strong with a gap down and runaway to form a long down candle. No lightening of momentum observed yet.
Next, there appears to be a potential for crude oil price spike. In order for such a spike to occur, there must be a significant event expected to occur. Such an occurrence would also push the NASDAQ down below 13K.
Noted that the lower Bollinger Band is also near 13K, so that may mitigate the downside... hopefully.
Yesterday's close in the white rectangle box was indicative of downside momentum, and can expect some follow through. The yellow box is the projected extended downside expectation; which brings the possibility as low as 11,880.
This is IF support breaks and close below 13K.
12,780 next immediate support below 13K.
Now to see if it closes below or just a quick visit.