As the Nasdaq repeatedly hits the upper resistance line, it seems to be squeezed between that resistance and the upward trending support.
This support line is critical to US stocks because I believe it is preventing the other indices from falling much further. The price action of other indices looks ripe for a drop of about 4% but this support line seems to be restraining it. One the Nasdaq price break downs from this support, I believe we could see a much lower drop either today or tomorrow. I do think though that the NASDAQ can go higher before the introduction of higher rates.
This support line is critical to US stocks because I believe it is preventing the other indices from falling much further. The price action of other indices looks ripe for a drop of about 4% but this support line seems to be restraining it. One the Nasdaq price break downs from this support, I believe we could see a much lower drop either today or tomorrow. I do think though that the NASDAQ can go higher before the introduction of higher rates.