NASDAQ hit the 1D MA50 for the first time since March!

It's been almost 1 month since we last gave a signal on Nasdaq (NDX), hitting the 15900 target (chart below):


The setting is different now, as the index hit yesterday its 1D MA50 (blue trend-line) for the first time in almost 5 months (since March 15). This isn't a buy signal yet as yesterday's 1D candle closed marginally below it. Another candle closing below it, will be a sell signal targeting the bottom of the long-term Channel Up pattern and Support 2 at 14690. That will be an excellent buy entry (target 15950) but will be invalidated if the price closes a 1D candle below the 1D MA100 (green trend-line), in which case we will sell again and target Support 3 at 14240.

If however we get a 1D candle close above the 1D MA50 before a second below it, we will buy instead and target the 15950 Resistance, as in that case it will look like the March 13 bottom fractal.

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