Current price action in the financial and stock market is indicating that the beginning of the bear market is getting very close. The momentum of the current bull market is weakening by the day.
Although market manipulator so far are still able to reverse every attempted selloff, the normally bearish month from August to October could starts to overwhelm the buyers.
Both the S&P 500 and Nasdaq NQ have briefly breach their respective 20-DMA support on Wednesday although they manages to close them above. A re-break below their 20-DMA could trigger some heavy algorithm selling.
On the short term intraday timeframe, key price level to watch for in NQ on Thursday will be 5925 resistance and it was where NQ closed for the day on Wednesday.
-- Above 5925 on Thursday is going to attract some buying wih the next rsistance at 5950, a price level where sellers may come back again
-- Below 5925 implies a consolidation day of a large down day.
-- Below 5925 implies a consolidation day of a large down day.
