In this video, Gail provides an update on the emini Nasdaq futures daily chart. Price has retraced back to the 38.2 Fibonacci area and has been going down after forming a small double top formation on the 45 minute chart.

emini Nasdaq futures

In the video yesterday, Gail reviewed the daily Nasdaq chart and projected an upward move for the coming days. As anticipated price did move up substantially (great time to try out the Nadex Touch Brackets).

Today, price is at the 38.2 Fibonacci line and has been moving down overnight. The US session could still push price up to either the 50% or 61.8% Fibonacci line but traders should remain cautious as price is still trading below the 200 period moving average.