What we witnessed Tuesday morning on the NASDAQ exchange was an attempt to break up-and-out of value. It was accompanied with light volume and no follow-through.
The result? We fell back into value. Often times, once one side of a well-developed value is tested, we go and test the other side.
In this case, the other side is lower. And below our well developed value is a slip zone all the way down to about 4880:
Before this can happen, sellers need to recapture 4928.75 and sustain trade below it.
Note: I am still short the NASDAQ, position trade, via $QID
Writer’s note: value, value, value
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