Nasdaq Reverses Course, Extends Winning Streak to Five Days ๐ The Chart Report
Chart of the Day
๐ Today's Chart of the Day was shared by High Chart Patterns Group.
The Nasdaq 100 finished relatively flat on the day (+0.02) after being down over -1% during intra-day trading, and posted its fifth consecutive up day on declining volume.
Price found resistance around 590, a level of former support now reinforced by a downward sloping 20-day moving average.
From here, bulls need to absorb near-term selling and carve out a reversal pattern, while bears are looking for a decisive flush with expanding volume.
The Takeaway: The Nasdaq staged a significant intra-day reversal and closed higher for a fifth consecutive session as bears couldnโt maintain selling pressure.
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