That drop today took the NASDAQ out of its regression channel off the March 2020 low. Let's see if we get a rebound like last time or if it becomes resistance. Also note how far above the long term linear regression (I stopped it at Feb 2020 peak).
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8am Friday and still below the channel. Overnight is typically when we start to see a rebound and it is interesting that it is still struggling.
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9:05 am and starting to rally and is back in the regression channel
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2:30pm and just sitting on the support line now.
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End of day and closed below the channel! That is not a good sign, but we are going to have to wait until Sunday to find out if this is really a bad sign or we should look to rebound next week. It definitely was making higher lows/highs today, but given how quickly past dips rebounded, this seems to be a real correction.
