NASDAQ still in down channel but holding support trend line

A look at premarket and the NASDAQ is still hanging in there. It is holding above the pink support trend line and still clearly in the down channel. However, it looks like it is no longer in the up channel from the most recent rally. If the trend line holds, then this could be a higher low and a strengthening sign for the short term. If it breaks that trend line to make a lower low, then that will be a serious sign of weakness. On Monday we gapped down only to fill that gap in the first 30 minutes and then dropped the rest of the day. Will be interesting to see if that repeats again. If it helps, the S&P 500 made a lower low this morning and looking a lot weaker.