Today, we had the CPI and then the FOMC meeting minutes. Both of these occassions, did not really move the indice. We are looking at a range of Nasdaq which is approximately 200 points from resistance to support. That being said, if the support is broken out, we have an additional 200 points towards the downside towards the support level priced in at 12600. 

The ascending trendline has broken out for sells and has also validated the candlesticks for the open and close. On the lower time frame, we will see another breakout sell which will confirm our bearish move. 

There is no retracement on this pair at the moment. 

The EMA 50 has just turned bearish with the market and is potent to retest it at the resistance level. Otherwise, if the down move contiues, we will not see a retest, but instead, the continuation of the bearish momentum triggered by EMA 50.

RSI is at 40. This means that its already bearish and a solid short point would be if this RSI is neutralized at the level of 50.

Nasdaq on a freefall?

Apr 12 2023