Short Term Nasdaq Analysis
The Nasdaq since late November has been encountering
resistance near 2470 while finding support near 2390. In the near term
watch the 2420 level which is a minor support area (brown line). If the
Nasdaq drops below 2420 this will likely lead to a retest of the 2390 level
which is also where the Nasdaq's 50 Day EMA (green line) now resides at.
Thus it will be important for the Nasdaq to hold support near the 2390 level in
the weeks ahead.
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