Nasdaq has been making lower highs and lower lows since Apr 2010. The island it makes in the past several days and its inability to clear through June's high confirm that the trend is still down. The price closed below both the 50 day MA and 200 MA for the past two days with two big gaps unfilled, further illustrating the downward momentum is picking up. In the lower panel, we can see that the RSI broke down its upward trend swiftly. The initial target for the downside move is the measure move of the bear flag.
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