A Critical Inflection Point for the Nasdaq 📉 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Jake Wujastyk.
After nearly two and a half months of choppy price action, Nasdaq futures have pulled back to the anchored VWAP from the March 30 pivot low, a level that marks the average cost basis of buyers since the bottom.
The index rallied over 2% from its early morning lows before fading to close the day down -1.5%, but still managed to finish the session above this key threshold.
That VWAP also aligns with the level where the Nasdaq found support in June near 28.5k, where a break below would increase the odds that an interim top is in place.
The Takeaway: The anchored VWAP from the March 30 lows can act as a major line in the sand for the Nasdaq 100.
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