Nasdaq

We didn't get the lower closing low that I wanted, but I decided not to exit my position on the close. The hang man pattern from yesterday got confirmation with a close below it's body (though I like to see a close below the low). We saw the market bounce off its lows of 1602.50 where there was support from two pivot point numbers (DS2 1605.41 & WP 1604.17), but did settle below its DS1 of 1617.83. What this market needs in order to gather some selling momentum is some lower closing lows, which we haven't seen since this rally began on July 8th. To add further interest to the downside, we have a double top formation looming. A close below 1598.50 will confirm it with an target around 1565.25. Finally, MACD looks ready for a crossover combined with its slowing momentum despite higher highs in prices. Friday's report is shaping up to be extremely important to give this market some near term direction.