First look at the Nasdaq

So I decided to look at the nasdaq which is something I don't look at as much.  Just wanted to see what type of trends are occurring. And where are we at for tomorrow the 20th of August.

I have a daily and hourly chart, with lots of lines.  I will try to explain them quickly.

Above is a daily chart.  Starting at the yellow line it is the trendline that we are currently holding as of the 19th.  Look at the purple line, it is the part of the top resistance of today.  The light blue line is the gap bottom of the july 2010 gap. it has recently held so any push down could be very very bearish. A push up and it needs to break the light green and green lines, then you could start feeling a bit better.  However breaks below the light red and red line could be very very bearish as well. A break of the red line will have a target of 1500 ish.  which is 17.7% drop.

on the 60 minute, the levels at play are more exposed.  But it is tough to view this market as bullish, with this chart plus the economic back drop.  I am not sure, inflation when it catches up with us could pull this market higher just the currency would be worth less.

On the daily the market is not over sold which means more down side action could occur, Macd also ticking down.

Also look at the fib levels fit pretty well.  50% seems like a very tough level right now.

Tomorrow or earlier next week a big move has to happen regardless.