The Nasdaq all in all had a mildly successful day, but failed to hold above the previous low, which was an important level. Although it has been obvious that we have been in a downtrend for a few weeks now, we officially have a lower high and lower low as of today.
This action notches a slightly bearish hue to today’s positive action (see the intraday comment below for more details)
|Daily Nasdaq notating higher highs (HH) / higher lows (HL), along with lower highs (LH) and lower lows (LL)|
Because of this lower low in the chart, the battle between bears and bulls certainly isnt over and leans me to more toward a short term bearish move. I expect to move up to the 50 day moving average (blue line above), but with the new lower low today, we might see more lows before this revisit occurs.
Volume was lower today than yesterday which is positive, but not really a definitive signal considering the above price action.
More clues will appear tomorrow in the tape … until then, have a wonderful evening.