NASDAQ - 2429 - 2430 Resistance

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From June 11:

"Similar to that near EXACT failed retest of broken support, today the NASDAQ broke below 2429-2430-2429 TRIPLE horizontal support..."

Former support "should be" resistance on any rally and we can see from the intraday chart that it was. The NASDAQ penetrated 2429 - 2430 resistance by only two points, Double Topped at 2432, broke an Ascending Triangle, and down she went to the roughly 2406 target that the broken Ascending Triangle put IN PLAY.

Bigger picture, despite the lousy action off the Double Top at 2551-2550 and the break of 2429...2430...2420 Rectangle support (pattern in black) that put 2310 IN PLAY, we can see that the chart still looks bullish. We're at the top of the Cloud, an area that "should" act as support, and we're well above the necklines of the DOUBLE Bullish Inverse H&S breakouts.

Any close above 2429-2430, back inside The Rectangle, would put the 2310 target ON HOLD. That target would be CANCELLED if we take out 2550-2551, the top of The Rectangle.

On the downside, the 2310 target is against the bullish trend from the DOUBLE Bullish Inverse H&S breakout, so it's less likely that it will get MADE than if it were a target in concert with the trend. We've got several levels of possible support below here:

Support #1: 2361 (roughly)- the first down sloping neckline
Support #2: 2342-2352 - the Breakaway Gap
Support #3: 2327 - The Bottom of the Cloud (vertical green lines)