NASDAQ Composite Index: Watch for close below ichimoku cloud

The NASDAQ Composite Index has not traded below the weekly Ichimoku cloud since mid 2016. It is now trading near critical support levels. A close below the cloud will be quite damaging to the longer term technical picture.

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The NASDAQ Composite Index has started the week badly, with the selloff sending it into the weekly Ichimoku cloud. The cloud has been breached several times intra-week recently but somehow, the price has always managed to recover above the clouds...