Chart of the day: Is the Nasdaq breakout retesting or failing?

Nasdaq futures are testing the upper boundary of the descending channel that has contained price since June. With NQ near 29,616, the key question is whether the 29,500-29,600 area becomes support or whether price falls back inside the channel. Key takeaways for Nasdaq traders Constructive scenario: NQ holds above the channel and resumes higher. Main risk: A daily close back inside the channel…