Today, the markets rallied on hopes of a new trade deal. Basically, buyers have been bullish and slowly have started trickling back in. Today, we found some pretty significant resistance in the Nasdaq as we did in the SPX recently. The dreaded 200-day moving average on the daily chart. We have rejected so far and it could throw the markets into a tailspin. That is, if we continue lower. We can easily jump this level with a gap open higher (which I think we will do) and it can turn into immediate support. That would be the best case scenario. If not, expect the markets to move lower in the near term.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
