I posted the following on a site I subscribe to a little before 2:30 EST today. I may have nailed the bottom of the market drop. Even if we go lower, I don’t think it will be very much more and there’s a good chance the market will rally for the next couple months. The Nasdaq (Futures which is NQ) bounced strongly off the black MA today. There is lots of economic data out tomorrow and Jerome Powell is speaking somewhere after the market close so things could get interesting.
2 conditions: Black 130 MA on the daily chart holds to the close. 2. The lower channel line wasn’t hit (yet) with the current 8 hr candle. Can be a sign the reversal is occurring.
There’s also a familiar bottoming pattern now forming on the NQ 5 min chart. Doesn’t always work of course but if it does we should be getting an explosive move upward shortly. (It’s great for big moves doing futures scalps but in this case it might be a sign of a bottom).
Just my .02 and some things to keep an eye on.