The NASDAQ carved out a hammer like reversal bar and a higher low on slightly stronger volume today. Most tech sectors ended the session in the red, however, many formed dojis or NR bars which could signal a reversal. Technically, we could bounce here and the higher low would be the first step to a corrective, counter-trend bounce. On an intrady basis, the 15 minute view above looks well positioned to rally up to the next resistance levels. Keep an eye on the ADX line at the critical crossover on the 15 minute view for more clues.
The NASDAQ carved out a hammer like reversal bar and a higher low on slightly stronger volume today. Most tech sectors ended the session in the red, however, many formed dojis or NR bars which could signal a reversal. Technically, we could bounce here and the higher low would be the first step to a corrective, counter-trend bounce. On an intrady basis, the 15 minute view above looks well positioned to rally up to the next resistance levels. Keep an eye on the ADX line at the critical crossover on the 15 minute view for more clues.
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