NASDAQ is setting up to make big move up or down. This morning saw a retest of the main trading channel since 2016.
If it holds, then this will be a higher low and look for a rally to 15,000 to 15,300 levels. This would be the best bull case with a low but possible change to get back to ATHs.
If it breaks down, then we could retest 13,200 level and then rally, but more likely we could drop down to test Sept 2020 peak. Another stong support trend line meets up with the Sept 2020 peak in that range, which would be a great chance for a rally. However, that would put the NASADQ back in the 2016 channel and the likelyhood of seeing ATH again are very low.
If it holds, then this will be a higher low and look for a rally to 15,000 to 15,300 levels. This would be the best bull case with a low but possible change to get back to ATHs.
If it breaks down, then we could retest 13,200 level and then rally, but more likely we could drop down to test Sept 2020 peak. Another stong support trend line meets up with the Sept 2020 peak in that range, which would be a great chance for a rally. However, that would put the NASADQ back in the 2016 channel and the likelyhood of seeing ATH again are very low.
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12:43pm and testing the trend line
