{"id":12962,"date":"2022-12-14T08:21:42","date_gmt":"2022-12-14T08:21:42","guid":{"rendered":"https:\/\/tradingshot.com\/?p=12962"},"modified":"2023-05-17T08:23:37","modified_gmt":"2023-05-17T08:23:37","slug":"nasdaq-rejected-on-the-1-year-resistance-how-bearish-is-that","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2022\/12\/14\/nasdaq-rejected-on-the-1-year-resistance-how-bearish-is-that\/","title":{"rendered":"NASDAQ rejected on the 1 year Resistance! How bearish is that?"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>The Nasdaq index (NDX) rose yesterday aggressively after the lower than expected U.S. CPI but got rejected exactly on the 1 year Lower Highs trend-line (started on January 05), just below the 0.618 Fibonacci, as we showed on our analysis 2 weeks ago:<\/p>\n<div class=\"tv-embeded-image\"><a class=\"js-embeded-chart-image tv-embeded-image__link\" title=\"NASDAQ 20 days trapped within the 1D MA50 - MA100\" href=\"https:\/\/www.tradingview.com\/chart\/NQ1!\/QHNpf2te-NASDAQ-20-days-trapped-within-the-1D-MA50-MA100\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"js-image-lazy-load\" src=\"https:\/\/s3.tradingview.com\/q\/QHNpf2te_big.png\" alt=\"NASDAQ 20 days trapped within the 1D MA50 - MA100\" \/><\/a><\/div>\n<p>As you see, this is the exact cluster level (Lower Highs on 0.618 Fib) that the Highs of March 29 and August 16 were rejected. As a result, this doesn&#8217;t alter our long-term perspective which continues to be based on break-outs. The 1D MA200 (orange trend-line) has been intact since April 05 and if the price breaks above it, we will turn bullish again, targeting the 1W MA100 (red trend-line), which rejected the August 16 High.<\/p>\n<p>As long as the price is below the Lower Highs trend-line, we will be targeting the 1D MA50 (blue trend-line) where a candle close below will bring more selling pressure towards the Nov &#8211; Oct Lows.<\/p>\n<p>It is worth mentioning though that the 4H RSI pattern that has been consistent in the previous Lower Lows &#8211; Lower Highs sequence these past 12 months, turned upwards (blue circle) instead of downwards. This may be an early signal that there is a long-term trend shift from bearish to bullish.<\/p>\n<p>Tradingview link:<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/NQ1!\/0XGsYI81-NASDAQ-rejected-on-the-1-year-Resistance-How-bearish-is-that\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tradingview.com\/chart\/NQ1!\/0XGsYI81-NASDAQ-rejected-on-the-1-year-Resistance-How-bearish-is-that<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The Nasdaq index (NDX) rose yesterday aggressively after the lower than expected U.S. CPI but got rejected exactly on the 1 year Lower Highs trend-line (started on January 05), just below the 0.618 Fibonacci, as we showed on our analysis 2 weeks ago: As you see, this is the exact cluster level (Lower Highs<\/p>\n","protected":false},"author":611,"featured_media":12963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1639],"tags":[],"class_list":["post-12962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stockindices"],"_links":{"self":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/users\/611"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/comments?post=12962"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12962\/revisions"}],"predecessor-version":[{"id":12965,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12962\/revisions\/12965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/12963"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=12962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=12962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=12962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}