[isatrader]

Nasdaq 100 in a dangerous spot with todays move from what could be considered a bear flag. The positive would be that it is still within the broader range that's been developing. But is within striking distance of the weekly Stage 4 breakdown level.

   

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Nasdaq & NYSE Bullish Percent Index 1 hour chart couldn't recover the 30 bar MA level and continued to roll lower today below the MA. So has moved from neutral status to negative status today

   

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$SBLK reported earnings yesterday, and I wanted to highlight it is a really good example. I've included my original thoughts on it back from 25th Nov when it had a Reversal Significant Bar on heavy volume, and so you can see how the structure develop since then and breakout move.

With todays earnings move it's getting extended now in the short term, so from an investor point of view I'd be watching for the next basing action and whether it develops in a constructive way.