Trend Lines, Support, Resistance for 9/28
Trend lines drawn from 9/3 (17d), 9/22 (5d), recent bottom 9/24 (3d) and today 9/28 (1 day).
The Nasdaq continued it's rally off of the recent bottom from last Thursday's open. Today it tested the 50d MA line 3 times, but rallied in the afternoon to close near the high. Daily volume is trending down and you could consider the daily candle a hanging man, both possible tops to the current rally.
If the rally continues, expect some resistance around 11,250 which has been the upper side of a channel in September. That would still allow for another 1.75% gains. Following todays ascent, would be a more modest 0.83% gain.
A small to large pullback is also certainly possible in this volatile month of moves. The five day trend points to a 0.98% decline. The longer term trend from market peak on 9/2, points to a return to the July Support area, a 3.65% decline.
I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in one day. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be dangerous.
The Nasdaq continued it's rally off of the recent bottom from last Thursday's open. Today it tested the 50d MA line 3 times, but rallied in the afternoon to close near the high. Daily volume is trending down and you could consider the daily candle a hanging man, both possible tops to the current rally.
If the rally continues, expect some resistance around 11,250 which has been the upper side of a channel in September. That would still allow for another 1.75% gains. Following todays ascent, would be a more modest 0.83% gain.
A small to large pullback is also certainly possible in this volatile month of moves. The five day trend points to a 0.98% decline. The longer term trend from market peak on 9/2, points to a return to the July Support area, a 3.65% decline.
I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in one day. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be dangerous.
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