Trend Lines and Support for Nasdaq, 9/25
Trend lines drawn from 9/3 (16 days), 9/21 (5 days) and today 9/25 (1 day).
The Nasdaq had a bullish run on Friday, with a steep climb marked with very few pullbacks. If that ascent were to continue, we'd have a 3.61% increase on Monday. More likely, would be a pause around the 50d MA where several top stocks are getting resistance. That would be a 1.00% increase.
A small to large pullback is also certainly possible in this volatile month of moves. The five day trend points to a 0.71% decline. The longer term trend from market peak on 9/2, points to a return to the July Support area, a 2.69% decline.
I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in one day. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be dangerous.
A look at the weekly QQQ with volume. It is a strong bullish candle with a tall body and small upper and lower wicks. It sets a good expectation for next week, but the market will do what it wants to do.
The Nasdaq had a bullish run on Friday, with a steep climb marked with very few pullbacks. If that ascent were to continue, we'd have a 3.61% increase on Monday. More likely, would be a pause around the 50d MA where several top stocks are getting resistance. That would be a 1.00% increase.
A small to large pullback is also certainly possible in this volatile month of moves. The five day trend points to a 0.71% decline. The longer term trend from market peak on 9/2, points to a return to the July Support area, a 2.69% decline.
I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in one day. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be dangerous.
A look at the weekly QQQ with volume. It is a strong bullish candle with a tall body and small upper and lower wicks. It sets a good expectation for next week, but the market will do what it wants to do.
Website: drewby.com
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
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