Nasdaq has been ranging around the support ultimately forming the tripple bottom formation. This formation is a potentially bullish sign but as the trend is still bearish, we had to be vary of the long position. Despite the fact, today we had NFP which was positive for the USD, in lieu reflecting the bullish pressure on to the indices. That being said, we will be taking a long position from the support level. 

The descending trendline is in formation for the breakout buy which is yet to happen.

There is no retracement indication in the setup.

EMA 50 is still bearish, but as the market is ranging, we cannot assess the accuracy of the EMA 50 as it has to break on either of the sides.

RSI is at 44. It needs to be driven down towards the over sold region, from where the market can align with the technical parameters and continue its move up.

Nasdaq tripple bottom?

Oct 06 2023