The NASDAQ Snap Pullback July 28
The Big News yesterday was the snap-collapse of the NASDAQ and leading tech companies mid-day.
The result – so far – has been a sharp drop and bounce today off the first Fibonacci Target.
Here’s the NASDAQ – @NQ futures – and the new Fibonacci Grid in Play:
A sudden sell swing swept the market and shocked traders as price collapsed from the 6,000 index level.
When the dust settled, the @NQ collapsed 150 points toward 5,850.
Look closely to see that this level – 5,842 – is the 38.2% Fibonacci Retracement as drawn.
Active traders can continue playing price swings toward and away from this key pivot – and of course the prior high.
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Corey Rosenbloom, CMT
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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”