Nasdaq Technical Picture

Daily

60 Minute

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Still no reversal signal on the daily chart. In fact volume outpaced every day of the rally so far. But as we all know, euphoric volume often precedes a reversal. That said, there was a lack of momentum into the close and many of my trades today were like scalps due to this lack of momentum. By looking at the 60 minute chart for the Nasdaq, we can see that the ADX line has swooned over the last two days. The 2328 resistance level mentioned here on Monday may be in play. We'll see tomorrow.