Stocks are at an important juncture. The NASDAQ is suggesting a third countertrend leg lower is developing. The S&P and Russell made new all-time highs, but the internal structure of that move was weak. The price structure is more clear in the NASDAQ. However, any attempt to move higher without internal strength will lead to a false breakout. On the other hand, trading much below Friday’s low will suggest another leg down is in the process of developing. The Briefing outlines important support levels, both short and intermediate-term.

DAILY BRIEFING 210320 from Joe Mertes on Vimeo.