) closed with a bullish 'hammer', but as with bearish candlesticks within the current trading range, Friday's bullish one comes with the same caveats about its potential to mark a reversal. The candlestick appeared below 20-day and 50-day MAs, so this adds to the challenge. And the index is sharply underperforming against peer indexes..
One thing pointing to a further loss is the downtrend in the Nasdaq Summation Index. The downtrend kicked off at the start of June and remained consistent throughout the month, even as the parent index advanced. It seems likely that a sideways move, or worse, is next for the Nasdaq.
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