NASDAQ is breaking out
NASDAQ price action indicates consolidation in the triangle after the break below the uptrend line 11500. A close above 11700 is required for the upside continuation and extension higher to test the new high. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 11030. A break below this level would lead to a deeper correction lower. The overall long-term is an uptrend and we need to see a break below 10000 for a complete reversal lower.
Note – We are more inclined to a short trade entry with the stop loss above 11300
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