NASDAQ is bearish in trend for now and it is nearing the 14950 mark, which covers the resistance area and is very strong given it confluences with the weekly and monthy. We will be taking a short at this level against the trend, profiting from the retracement dive towards the support level at 14600, almost a 300 point dive. This area will seem to be beneficial for the market to take a dip down.

The ascending trendline is only going to act as a profit taking level with the retest being an option. It might also breakout sell from the resistance, confirming the breakout sell. Also, we see a descending trendline which is being rejected by the market at the resistance area.

The retracement setup is on the monthly and weekly time frame, with the strong level of 61.8%.

EMA 50 is still bearish and the curve seems more steep towards the downside. 

RSI is at 54, which needs a retest at the over bought region level of 75. From there, we will have a confluence of the short position.

Nasdaq shorts from 14930

Jun 27 2023