One Day Doesn't Change the Trend 🌤️ The Morning Print

Good morning! 

After suffering its worst day of the year on Friday, the Nasdaq is rebounding sharply, up more than 1% in premarket trading.

Here's the setup.

Friday's selloff served as a sentiment reset and shook out some of the late buyers.

With the market having rallied for nine consecutive weeks, some profit taking was inevitable.

This morning, the Nasdaq is bouncing from the support level around roughly 28,600.

A decisive break below that level could mark the first meaningful lower high in the current advance.

That would represent the first notable change in character for the uptrend.

Until support is broken, the path of least resistance remains higher and the bulls retain control.