NASDAQ was bullish earlier but since it broke the support, we will consider it a broken avenue for the breakout of the support. This support broken will be retested and will continue moving down. Apart from that, on higher time frame, the market is already forming lower lows and lower highs which indicates a bearish trend. 

Ascending trendline has been broken out for sells and the market is now retesting to continue to move downwards to the support level. 

The retracement level is in confluence with the resistance level with the retracement level being at 61.8%. 

EMA 50 is bearish and has a steep curve. This EMA has been slightly retested and has the potential to continue falling down further. 

RSI is at 44, which is the bearish region and below the 50 level benchmark. It means, market is still bearish.

NASDAQ change in direction

Oct 21 2022