Chart of the Day – Nasdaq Composite

Blake Morrow Forex Analytix

A nice bullish wedge (consistent highs and higher lows) is developing, and with today's move lower the wedge support at the 50% retracement at the 13291 level is coming into view. We think this will be a pivotal level for the bulls or bears depending if we can bounce or break through this level. We should also note that today's lows were supported by the 50dma.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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