We usually do not discuss indices on our site since as short-term traders we prefer to look at individual set-ups, especially leader stocks whose moves usually precede those of the indices. However, it's difficult to ignore the ugliness of the bearish wedge pattern on the Nasdaq.
What is the most likely scenario? A continuation move to the downside towards the symbolic 2000 number for starters. What would negate this pattern? A move over the 50dma and over 2120 would be a great step in the right direction. But as we have always said, opinions, beliefs, and prophecies should all be left at the doorstep before you enter your office every morning. Within the realm of trading, hope indeed never escaped from Pandora's box. As always, trade the set-ups, and trade with the trend.
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