Stock Markets Analysis and Opinion
Nasdaq Faces Bearish Breakdown as Overthrow Traps Bulls
2024.12.20 11:44
The reversed lower after first creating a short-term overthrow to the ascending wedge. This is something we often see happen in wedge formations, first trapping the bulls (or bears) and then reversing in the other direction with momentum.
After the Fed the index plummeted lower (along with the other indices) and today seems to be the day that we will be confirming a bearish breakdown.
The next downside target is the 20,000 support/resistance area. 21,200 should be resistance from this point forward.
