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August proved to be a bearish month for the Nasdaq (NDX 100) and is showing no signs of slowing down. With a strong break below the daily trend line (as seen below), the Nasdaq has re-tested the trend and is now in its continuation phase.
The price broke below the resistance area between $12230 and $12175, the Nasdaq has re-tested and respected the zone with a strong bearish candlestick to confirm the downward trend. The nearest daily support sits at $11570 and $11470, so it is possible the Nasdaq will reach in the short term. The Nasdaq could also consolidate between this range, as it has done so in the past.
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