Nasdaq Composite is approaching wedge support.

A nice bullish wedge (consistent highs and higher lows) is developing, and with today’s move lower the wedge support at the 50% retracement at the 13291 level is coming into view. We think this will be a pivotal level for the bulls or bears depending if we can bounce or break through this level. We should also note that today’s lows were supported by the 50dma.