NASDAQ100 Daily Gaps Below Channel Support Falling 1%

NASDAQ100 Daily -

The NASDAQ100 closed down almost 1% today.  Channel support has been broken – bearish.  We have noted wave 2 up – if wave 3 has started, we should see an accelerated drop next week.  If markets inch down further, then it’s more of the same – incremental drops followed by another near term high – in the context of a collapsing global economy, this is beyond absurd – but Elliott wave does a fine job accounting for irrational markets. The MACD is starting to turn over – somewhat bearish.  The 8MA has also turned over.  Volume was up today – confirms selling momentum.  While the markets have fallen today, we would have expected the US Dollar to rise – that has not occurred – the US Dollar fell over 1% this week.  See US Dollar charts for more details.

Click on chart to enlarge NASDAQ100 Daily Gaps Below Channel Support Falling 1%