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NASDAQ below linear regression channel off March 2020 low
That drop today took the NASDAQ out of its regression channel off the March 2020 low. Let's see if we get a rebound like last time or if it becomes resistance. Also note how far above the long term linear regression (I stopped it at Feb 2020 peak).
Nota
8am Friday and still below the channel. Overnight is typically when we start to see a rebound and it is interesting that it is still struggling.Nota
9:05 am and starting to rally and is back in the regression channelNota
2:30pm and just sitting on the support line now.Nota
End of day and closed below the channel! That is not a good sign, but we are going to have to wait until Sunday to find out if this is really a bad sign or we should look to rebound next week. It definitely was making higher lows/highs today, but given how quickly past dips rebounded, this seems to be a real correction.
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