Nasdaq is now trading below its strong trend line support zone, this indicates weakness expecting and index will find its next support as shown in above graph. If index falls further then will find support at its previous bottom and at 200 days moving average, even last time index bounced back from its 200 DMA, but if index failed to holds above its previous bottom and 200 DMA and it closes below then further bears action can be seen in Nasdaq Composite.
Even index major trend indicator like "MACD" and "Stochastic Oscillator" is trading in negative zone this forecast that as long as they are moving in negative zone bears will be favored.
So far candlestick studies are also indicating weak signals close watch index can fall further in coming days. Visit our site for more free stock analysis and us stock market forecast.
On Wednesday trading Nasdaq closes at 4919.64 down by -19.69 points. The total share traded in Nasdaq was over 2.09 billion. There were 1302 advances and 1476 decline, out of this 52 stocks reached a 52 week high and 44 stock touched their 52 week lows.
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