Nasdaq Inside Support Zone

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.

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