Nasdaq on higher time frames is still bullish but is structuring for a bearish trend. The market has formed lower lows and lower highs but was unable to keep the breakout sell from the support intact. In fact, the market faked out and was back within the range and might be retesting the support once again at the price of 15300, which would be out buy price.

The descending trendline has partially broken out for breakout buys but yet needs to be validated. 

EMA 50 is bearish, therefore, we can have the EMA 50 retest as the profit target for our buy positions.

RSI is at 45. It has already factored in the bullish divergence and made its move for the bullish side. This continuation will roll till the neutralized level of the over bought region on this Nasdaq.

Nasdaq doing a fakeout

Aug 09 2023