NASDAQ Still bearish despite the RSI break-out

Nasdaq has been trading within a Channel Down since the January 24 Low. The index is approaching today the top (Lower Highs trend-line) of the Channel and will remain bearish, unless it breaks above the 1D MA50 (blue trend-line), which comfortably sits just above the top of the Channel. That should target the 1D MA200 (orange trend-line), which trends just below the 0.618 Fibonacci retracement level.

If the price is rejected though at the top of the Channel Down or on the 1D MA50, expect a re-test of the 12930 Support and if broken the -0.236 Fibonacci extension. It has to be said though that the 1D RSI broke yesterday above the Lower Highs trend-line since November 04. That is the first bullish sign since the correction started.



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