Right now, the Nasdaq is coming into a major inflection zone — and it’s already showing signs of weakness. We pushed into overhead resistance overnight, turned red, and rejected. That’s not bullish. That’s a warning.
The danger zone is real, and it’s right here. This is the same level we failed to get through on the cash index during the regular session the day before. It’s also the same level that was outlined months ago — back when I said we could rally to all-time highs, no matter who won the presidency, and then turn lower.
So here we are. Doesn’t matter what the news is. It’s all in the chart.
This is where big traps get set.
The Chart Already Told You This Was Coming
It’s not about what causes the next move. Whether it’s GDP, China or some other news event — that’s not the point. The chart already laid out the path. We’re either turning down from right here, or from slightly higher up — but either way, the setup is in motion.
This rejection came at a level I’ve been calling out for a while now — 5,600 to 5,800. If we can’t break through it soon, the next leg could be ugly.
Not just a pullback — but a sharp rollover that catches people sleeping. Most traders won’t see it coming until it’s already halfway done.
Rejection First, Breakdown Later?
This could play out in a few ways…
Maybe we chop, maybe we spike higher and then fail — but none of that changes the broader setup. If we don’t get continuation soon, we’re likely headed back down to retest support. And if that breaks, we’re looking at a much deeper move.
That’s why I’m not chasing long trades here. This is a critical resistance zone, and it deserves respect. If we pop and hold above it — fine. I’ll reassess. But if we start to fail from here, this was the shot across the bow.
Stay sharp. Stay flexible. The next big move is setting up — and it could come fast.
Jeffry Turnmire
Jeffry Turnmire Trading
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