Wow! We just took a massive bullish move on the Nasdaq. Now that market has broken the resistance level of 15000, it needs to retest this level as the support in order to continue moving up further for another bullish move. The trend on the higher time frames and even now is still bullish and the continuation is on the cards.

The ascending trendline might retest the trendline at the support level and build a confluence.

The retracement level at the support is going to be 61.8% which will be in confluence with the support.

EMA 50 is still bullish and market may retest it another time to make a confluence and continue moving up.

RSI is at 64. It needs to fall back at the 50 level in order to align with the technical factors.

Another stack on nasdaq after taking profit

Aug 23 2023