Expected Next Nasdaq Movement on the Daily Timeframe

The Nasdaq index continues to trade sideways, as seen on the daily timeframe.

The Nasdaq has fallen to the lower boundary of this sideways movement, which coincides with demand zones and is currently considered the most important buying area for the index.

If the sideways movement continues, we expect to see a return to the upper boundary of this sideways movement, which corresponds to the supply zones above. This is highly likely given the strong indications of current accumulation.

Expected Scenarios

The first scenario is an upward move from the current levels. As mentioned, this is expected due to the accumulation indicators. Additionally, the previous day's candle was a bullish breakout candle, which is a strong indicator of a potential upward move from the current levels.

The second scenario is a decline, which is also possible given the impact of the current conflict between the US and Iran on the market. This scenario is contingent on a break below the current demand zones and a daily close below them.

If the decline scenario materializes, the index will target the next areas near the $23,155 level, as illustrated on the chart.