Trend Lines, Support, Resistance for 9/30
Trend lines drawn from 9/3 (19d), 9/24 (5d), and today 9/30 (1 day).
The Nasdaq continued it's rally attempt from the 9/24 bottom. Volume is much higher compared to the previous days, representative of the swings in prices throughout the day. The September resistance area kept the index from going higher than 11,300. This will be a key level to watch as we enter a new month and new quarter. If the Nasdaq can break past that point, it will be a good support line for further gains.
If the 5d trend resumes with a break past the September resistance, then it could mean a nice gain of 2.41%. If resistance holds, then sideways or slightly down is possible.
A pullback after the 5d uptrend is also possible. Moving back to the regression trend from the 9/2 top would be -3.05%. That seems to be the worst case scenario for tomorrow unless some other catalyst is introduced.
I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in the near term. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
The Nasdaq continued it's rally attempt from the 9/24 bottom. Volume is much higher compared to the previous days, representative of the swings in prices throughout the day. The September resistance area kept the index from going higher than 11,300. This will be a key level to watch as we enter a new month and new quarter. If the Nasdaq can break past that point, it will be a good support line for further gains.
If the 5d trend resumes with a break past the September resistance, then it could mean a nice gain of 2.41%. If resistance holds, then sideways or slightly down is possible.
A pullback after the 5d uptrend is also possible. Moving back to the regression trend from the 9/2 top would be -3.05%. That seems to be the worst case scenario for tomorrow unless some other catalyst is introduced.
I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in the near term. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
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