3 minsNASDAQ (NDX)
On the daily timeframe, the NASDAQ has experienced a remarkable rebound following the “Black Monday” crash a few weeks ago. The price dropped sharply to around $17,500, where it found support. Currently, NASDAQ’s price action seems closely tied to NVIDIA’s performance. With favourable news surrounding the company, we can see how this positive sentiment is influencing the NASDAQ’s upward trend.
Examining the technicals more closely, we can see how the price reacted after bouncing off the $17,500 region. It broke above the $19,500 mark before retreating back down, finding support around $18,500. This is an excellent example of how traders can capitalise on such moves, especially when price action confirms that these areas are holding as support. Additionally, this pullback aligned perfectly with the 50% level on the Fibonacci tool.
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