We have noted the key support area on the Nasdaq 100 and here are the futures in pre-market, getting slammed. Support (green dashed) is not lost until a daily close below it and even then, the market’s whipsaws don’t particularly care about our lines on charts. It’s gonna be volatile out there. I am glad to see this market testing its bull/bear parameters sooner rather than later because it’s boring in the Waiting Place.
The futes have settled at the EMA 20 and the SMA 50 is a key marker for the uptrend.
I am a little suspicious of the bear activity if it is disproportionately related Trump Tweeting and something going on with Facebook. But anyway, there’s the current view. Bullish until broken, but “broken” does not really even begin to enter the picture unless there is a close below the SMA 50 (blue). Of more immediate concern is the support line and the EMA 20.
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