NASDAQ 100 Alert: Two Bearish Signals Form On The Chart
Published At: Jun 30, 2024 by Verified Invesing
Friday, June 28th was the final day of trading for the second quarter 2024. While a strong quarter for the S&P and NASDAQ, it ended on a sour note.
The NASDAQ 100 tagged the high end of resistance within a parallel channel. This channel (shown on the left side of the chart above) starts at the lows from Covid in 2020. This gives it power as channels that go back years hold more weight for technical investors and traders.
With the high end of the channel being tagged on Friday, investors and traders also saw a daily topping tail (shown on the right side of the chart above). Topping tails are bearish reversal signals and historically have been powerful.
The combination of these two signals should be taken seriously by investors.
