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What a wild roller coaster few days. The Nasdaq rallied about 110 points from the low of the day. It reminds me of the market action during the sub prime crisis.
The Dax seems to have broken down into a lower parallel channel and is now down about 10%. Futures were back up over 9100 this evening but we have to see what happens tomorrow.
The Nasdaq is trying to break out of the downward channel with a big rally on good volume from a double bottom
The same thing with the Dow with good volume on today's rally - only this time there could be two upper trendlines for the channel
If the NQ futures get above 4040 then that could be a classic "W" bottom (as well as a channel breakout) so up we go followed by the Dow futs breaking up above 17000. I will be watching that level on the Nasdaq as I think that might be key to what happens next. All comments (agreeing or otherwise) welcomed thank you.
Just an overshoot or a sign that the pace of selling will increase?
The target for this flag which formed in the second half of yesterday's session is 16850.
