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James Stanley, senior strategist at DailyFX, points to a descending triangle pattern forming on the Nasdaq index, with the familiar support area being retested. The index held significant ground in June and revisited this level last week.
Stanley observes that there is little further support until around 26,000, particularly as TSLA and GOOG are both set to report earnings this week.
Stanley previously highlighted how bulls defended the 4k support in gold as technical factors came into play. He has also discussed the duration of market bubbles, referencing the surge in the Nasdaq-100 following 1996. These earlier observations provide context for his current focus on technical support levels in major indices.