The holding lines
Dow heads down to CCI’s -100 level before NAZ does, even the new low is not formed yet. in this ~8300 range, there is a supporting area waiting for the bears, guarded by the previous lows and MA50 line.. altho I don’t see a possible trendline guiding this move, I do think the market can have a rebounce starting from here.. might not be a new high ahead, won’t be easy to break down directly from this level tho..
At the Naz front, index filled the gap as expected, surprisingly during the first trading day after OE, I’ve to say it’s long planned and now we can see how week the cross formed last Friday is…Naz got into CCI -100 level after Dow, and yet it is not a new low either. Lining up the recent 2 tops and I am trying to guess the new trend/channel for the near future, today might really be the day to establish a local low/lower band. Well, if it’s going to make a direct break down to 1660 level, then most likely another head and shoulder pattern will show up again…