Nasdaq Index: Tech Stocks Reverse as Oil Spike Hits US Indices Today
The minor trend will change to down on a trade through 24491.83. Momentum will turn lower too. Taking out 24199.00 will reaffirm the minor downtrend.
The short-term range is 24491.83 to 25223.12. Its pivot at 24857.48 is the first target. The second short-term range is 24199.00 to 25223.12. Its pivot at 24711.06. With the main trend up, buyers are likely to return on a test of the pivot area.
The intermediate range is 22795.82 to 25223.12. If the two minor bottoms at 24491.83 and 24199.00 are taken out then look for the selling to extend into the intermediate retracement zone at 24009.47 to 23773.05.
The index is also tracking a pair of trendlines at 24727.50 and 23781.75. This helps determine the slope of the rally, which helps identify the strength. At this time, the index remains in a strong position relative to the trendline slope.
At the mid-session, the uptrend remains intact, but breaking the pivots at 24857.48 and 24711.06 will be the first sign of weakness. I will turn cautiously bearish if 24491.83 is violated.