NASDAQ pullback coming up
As the Nasdaq repeatedly hits the upper resistance line, it seems to be squeezed between that resistance and the upward trending support.
This support line is critical to US stocks because I believe it is preventing the other indices from falling much further. The price action of other indices looks ripe for a drop of about 4% but this support line seems to be restraining it. One the Nasdaq price break downs from this support, I believe we could see a much lower drop either today or tomorrow. I do think though that the NASDAQ can go higher before the introduction of higher rates.
This support line is critical to US stocks because I believe it is preventing the other indices from falling much further. The price action of other indices looks ripe for a drop of about 4% but this support line seems to be restraining it. One the Nasdaq price break downs from this support, I believe we could see a much lower drop either today or tomorrow. I do think though that the NASDAQ can go higher before the introduction of higher rates.
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