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The NASDAQ Industrial Index is trading around 29,547 points above the 200 EMA and below the 21 SMA, generating a negative signal. If the NQ remains above 29,400 points, we could expect a technical rebound in the coming hours.
If bearish momentum prevails and the index falls below $29,400, we could expect the downtrend to continue, potentially reaching the June 7 low around 28,200—or even the 2/8 Murray level around 28,125.
On the H4 chart, we can observe the formation of a triple top pattern, which suggests a strong technical reversal in the coming days. For this to occur, we should expect the NQ price to consolidate below 29,414.
If the Nasdaq Industrial Index rebounds above the 3/8 Murray level, this could be seen as a positive signal, and we could buy with targets at the psychological level of 30,000, followed by the 21 SMA around 30,236. Finally, we could expect it to reach the 4/8 Murray level around 31,250.
The Eagle indicator has reached overbought levels and is showing a negative signal, so a technical rebound toward 30,200 could present a good opportunity to open short positions or a drop below 29,414.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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