In my July 14th post, "Nasdaq Pullback Begins?", I mentioned some possible areas of downside support. That day prices fell below the fib cluster 1 zone, but closed above it. This was a bullish sign. Five of the next seven days saw that zone continue to hold, again bullish. Finally, on Friday, prices moved lower into the top of the fib cluster 2 zone before closing back inside the fib cluster 1 zone. Also, the 34 EMA wave area has moved higher since my last post. The fib cluster 2 zone now sits inside it. This 10414 to 10159 area offers strong support. If prices manage to break lower, then next up would be the 50 DMA ~ 10043, followed by POC ~ 9950, and finally the monthly pivot @ 9937.25. This is a big week for the markets with tech earnings, the FOMC meeting, and GDP. Let's see if these support levels hold.
