Blue lines- bearish channel
Red line -horizontal support
NDX is in a short-term bearish trend after the high of August 16th. Price has now reached the lows from June 16th. This is important horizontal support. Price remains inside the medium-term downward sloping channel. A break below 11,000 will open the way for a move towards the lower channel boundary at 9,600. A break below the horizontal support, a back test and a new low is the most probable scenario. Bulls need to defend current levels around 11,000. If support is respected, then we should expect NDX to move towards 12,850 at the upper channel boundary.
