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Nasdaq technical analysis: Bears taking it to 11570 ?

I like to look for a 'story' that a chart tells me (in my opinion) and also follow charts in hindsight to learn where those stories developed, where there were hints on the way, etc. For example, if there was a failed breakout up, bulls are trapped, and will be disappointed, which hints on more down. Or if a key level was almost tested but market is still indecisive or weak, that it will probably be retested again.

Markets love to poke around and test various key levels, usually more than once.

One should be careful when doing the above on timeframes that are too low, but doing that on a daily timeframe is fine, usually (there is never an 'always' in this game, you gotta live with the doubt and uncertainty embedded into everything we see and whatever we decide to do).

Last but not least, PRICE is the MOST IMPORTANT part of the story and right now, Nasdaq futures is dancing around 11700 which is a key level for the battle between bulls and bears. Once the US market opens, traders would benefit in seeing how the 1 hour candles close in relation to that price.

As of now, for me, it seems that if 11700 is not going to be protected, so no hourly candle closing abouve 11750, for that matter, then 11570 area is next and I show why that story unfolded in my mind, within the technical analysis video that take 2 and half minutes to watch.

Trade the Nasdaq at your own risk. Visit ForexLive technical analysis for additional views.
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