This Guy Had a Bad Day

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Transcript:
Hey, hey, I’m Mindie Kniss. This is The Daily Rage. Let’s take a look at the NASDAQ today because it is having a worse day than the other indexes. You can see up here the only one in green right now and it’s just barely, I mean, it just peaked its head back into being positive is the Dow. These other guys are all red. The NASDAQ is the worst of them down about 0.5. Right now it was down about 0.7 just a few minutes ago. It’s making its best attempt at a recovery. So let’s take a look at what’s going on. You can see yesterday that it just dipped its toe below the cloud, but did not close below the cloud. So that WIC just kind of dipped down there, but then recovered at the end of the day, was able to close back up in the cloud. And if we take a look at this level of support right here, not only is it the bottom area of the cloud, but it’s right here as well. This was kind of, this was a mess back in here, but then… came down pretty sharply over three days, ended right there on this candle’s wick. So really strong area of support was able to hold it yesterday. Today it was like, can’t do it. We got nothing. So it did drop below that. So technically, assuming that this will close below the cloud, I’m going to make that assumption because unless something really miraculous happens, it will close below the cloud today. indicating a technical new short. So if you are a longer term trader, I love when things go above the cloud or below the cloud because to me that’s a great signal to get in. In this case, we would be talking about going short. So let’s talk about where it might go from here. Obviously busted through that support. And then this is the next up. Let’s just call it around 17470-ish. As a reminder, it’s never about the exact number. I mean, sometimes it can get really darn close, but I’m more interested in that area of support. So that’s a pretty strong one because look at what happened. It kind of fell off a ledge up here, gapped down, and then just continued lower that day. So that’s a pretty nice area because then the very next day it was like, bam, we’re just going to cruise up here. So that acted like a little bit of a trampoline and we’ll have to see what happens if and when this thing gets down there. Following that, I would look, because this is a really nice move up, these two days were awesome, hope you were long on those days, but down here there’s a lot of kind of junk. And sometimes when this consolidates like this, I think of it like a shelf. And a shelf has some pretty decent support. So I would just go down to here. And of course, you could look at this lower candle, but I would actually use this one earlier at around That sounds really, really low, but we’ll see what happens. You never know. So that would be target two to the short side. Target one would be again around 17470-ish. I’m Mindie Kniss. Thanks so much for watching.