NASDAQ has been in a bearish trend and is currently in a range from where there is a chance for the market to push below for another impulse leg towards the bearish side. As it is in the range, we can either enter now in a short or wait for the market to break the range in order to take the short on the retest. The structure is still lower low and lower high.

Market is retesting from the broken support which has now turned resistance. We will be looking to short at this level.

The descending trendline is partially rejecting the price action at the range. There is no retracement indication in this given scenario right now.

EMA 50 is super bearish and may not tap the EMA 50 for the retest and has the potential to continue moving down as the EMA curve is steep bearish.

RSI is at 31. We might find a minor neutrality and we can then take a short sell at the breakeven point. That being said, we will have a window towards the over sold region on the oscillator.

More pressure towards the downside

Sep 28 2022