Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

NASDAQ Futures Nearing Breakdown Point

ByThe Pattern, Price & Time Report
AuthorJames Hyerczyk
Published 01/15/2013, 11:35 PM
Updated 05/14/2017, 06:45 AM

U.S. stock index futures ended mixed on Tuesday with the March E-mini NASDAQ finishing the weakest. The index felt the brunt of a sharp sell-off in Apple (AAPL) which closed below the psychological support level at $500.00. Volume was light, however, as many traders sat on the sidelines ahead of corporate earnings later this week or the break could have been worse.

Also weighing on the market was lower demand for higher yielding assets triggered by a weaker euro and concerns that the Democrats and Republicans have reached an impasse regarding the debt ceiling hike negotiations.
Daily March E-mini NASDAQ Pattern, Price & Time Analysis
Technically, the main trend is still up but the weak close at 2720.25 has the index in a position to take out the last swing bottom at 2698.50. A trade through this level will turn the main trend down. Early signs of weakness on Tuesday included the breaking of a key uptrending Gann angle and the failure to support the market on a test of a retracement zone at 2724.25 to 2718.25.

An uptrending Gann angle at 2708.50 stopped the break on Tuesday, shortly before the main bottom. This angle moves up to 2710.50 on Wednesday and should be considered key support and a level that could trigger the start of a steep decline.

Any of the resistance angles from the 2750.25 top could stop an intraday rally. These come in at 2718.25, 2734.25 and 2742.25. Based on the short-term range of 2750.25 to 2705.25, a new retracement zone has formed at 2727.75 to 2733.05. The best possible resistance cluster is 2733.05 to 2734.25. If the trend is getting ready to turn down then the next rally should stop in this zone.

Based on the main range of 2580.00 to 2750.25, the next major downside target is 2665.25 to 2645.00

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.