NASDAQ Can it hold the 1D MA200 ahead of the Fed and NFP?

Nasdaq (NDX) has a strong rebound near the 1D MA200 (orange trend-line) last week, which formed the latest Lower Low at the bottom of the 3.5 month Channel Down. Ahead of today's Fed Rate Decision and Friday's Nonfarm Payrolls, it is important for investors to see the index holding the 1D MA200 as Support, as it will provide the technical backing for at least a short-term rise.

As long as it does, our target is 14850, which is a level that meets all 4 bullish criteria:

1) Is on the 0.236 Fibonacci Channel level (all previous 3 Channel Down bullish legs hit at least this level).

2) Is on/ below the 1D MA50 (blue trend-line).

3) Is less than +6.28% (which has been the lowest % rise of a bullish leg withi this Channel).

4) Is (quite) below the 0.786 horizontal Fibonacci level (all previous bullish legs almost hit it).

If however the 1D RSI hits the 58.50 level (Resistance 1) before the index hits the 14850 target, we will book the profit earlier, as that RSI Resistance has formed the last 2 Lower Highs of the Channel Down.

-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇