As the bulls have finally run out steam the bears are getting some relief with a little downside movement. We are looking at broken flat line support levels in NDX, Nasdaq Composite and SPX.
In the NDX we had a level of 5,880 being broken.
In the Nasdaq Composite we had a flat line support at 6,330 that was broken.
In the SPX we had a flat line support at 2,460 which was broken:
We are looking for support around their respective 50 day simple moving averages, highlighted in yellow on each chart.
If these do not hold, then we would look for the next flat support levels as downside targets to bounce off of.
The 50 SMA for the Nasdaq Comp is 6272, SPX… 2,448 and NDX…5,808.
Our Lighthouse Point Platinum subscribers are already long the QQQ puts waiting to see some support.
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