Hourly Nasdaq still doesn't look that bearish, even with all this news. Where are those Bears today? Holding the gap with a wedge is not particularly a sign of weakness either...
A reversal should normally be punctuated by strong quality of downside volume. Now it's possible we're just going to hold for some time in this range. Overall though, when we see compression flat lines after a big gap down openings, that's not verification we like to see of the move...
If we see a new low now by 1:15, that would probably break things loose and a bigger selloff would begin...
OK, so we did get a bounce at 1596 per this morning's earlier post...
ReplyDeleteThe 3 min Nasdaq candle trend turned down with the SPXa little less than an hour ago, we did have a volume spike low on 3 min so we may see a retest..