Nasdaq is at a premium level with the support level being at 15600. This level is very strong based off weekly and daily time frames and has the potential to continue retracing towards the higher side once the move continues. It should be noted, this is a retrace setup and the market is still bearish in this setup.

The ascending trendline of the daily chart has touched and retested the trendline and is potentially rejecting it to continue moving up.

The retracement level of 75% is on the weekly and the daily, which is in confluence with the support level.

EMA 50 is still bearish and the bullish move can be the profit target at the retest of EMA 50.

RSI is at 28. It is in an over sold region from where the market can continue moving up and then align with the technical factors.

NASDAQ buys from 14600

Aug 18 2023