Alex Bobrov
⬤ NASDAQ is finding its footing after getting hammered, with a modest bounce forming on the hourly chart. Price has climbed off recent lows but keeps running into that descending structure and the 50-100 SMA zone acting like a ceiling. This looks more like a breather than any real reversal taking shape.
⬤ The bounce has fizzled out right around the 0.382-0.50 Fibonacci retracement zone, showing buyers are running out of steam. RSI has crawled up toward the mid-40s - better than being oversold, sure, but still pretty weak. Volume during this bounce has been underwhelming, telling us buyers aren't exactly rushing in. Volume delta is staying slightly negative too, meaning sellers are still in control. Price bounced off the lower Bollinger Band but can't even touch the middle band, and Parabolic SAR is still sitting above price, keeping that bearish structure intact.
⬤ Volume Profile shows a supply zone around 25.733 hanging overhead. Resistance is stacking up near 24.540 and 24.850, with another barrier at 25.200. Support sits around 24.180 and 24.060, with a lower floor near 23.950. The price action down at the lows looks choppy and weak - not the kind of solid accumulation you'd want to see before a real turnaround. The broader bearish trend is still running the show.
⬤ NASDAQ tends to telegraph what's happening with market risk appetite and Fed policy expectations, so this matters. With uncertainty around interest rates and tech traders taking profits, the index is likely to stay under pressure. Price stuck below resistance and momentum fading fast means we're probably in for more choppy, volatile trading across equity markets in the near term.
Alex Bobrov
