NASDAQ closed at new 2022 low at 10213.28 overnight as investor sentiment turned sour in thin holiday trading. Technically, it’s still staying above intraday low at 10088.82, but a break of that level should be seen soon, probably 10000 handle too.
Technically, the key level lies in 9660/89 cluster projection level (61.8% projection of 16212.22 to 10565.13 from 13181.08 at 9689.96, 61.8% projection of 13181.08 to 10088.82 from 11571.64 at 9660.62). Strong support from this cluster level in January could set up the markets for a trend reversal attempt in the first half of 2023. But sustained break there would set up down trend extension for the upcoming period.
We’ll soon find out whether a turn in the market is around the corner.
