Nasdaq | Bearish Pressure Still ActiveNASDAQ 100 IndexNASDAQ_DLY:NDXEdgeTradingJourneyMy short-term view on Nasdaq remains cautious, although price is now approaching a key reaction area on the daily chart. The market is still trading within a clear corrective structure after the rejection from the highs, and the descending channel remains intact, confirming that momentum is still in favor of sellers. Price is currently testing a daily demand zone around 23,200–23,400, where I would expect at least an initial response. However, as long as price stays below channel resistance and the last broken structure, I still view upside moves as corrective rather than a confirmed reversal. From a COT perspective, non-commercials remain net long (78,111 longs vs 54,029 shorts), which suggests positioning has not fully turned bearish. That said, the increase in spread positions and open interest points to rising participation but mixed conviction. Overall, this does not yet support an aggressive bullish stance, and I see the market more in a transition phase than in a completed correction. Commercials remain net short, which is typical for index futures. Seasonality adds context: March has historically been weak, aligning with current price action, while April tends to be significantly stronger. This is why I am cautious about chasing further downside at current levels, as we may be approaching a timing window for stabilization or a rebound. Technically, the key question is whether buyers can defend current support. A reaction from this zone and a reclaim of the upper channel could open the door for a move toward 23,900–24,300, although this would still likely be corrective unless structure improves. If support breaks decisively, the next downside target sits around 22,200–21,800, which I consider the more relevant daily demand zone. Overall, my bias remains bearish to neutral: bearish from a structural perspective, but neutral in the very short term given the proximity to support and the potential seasonal shift. Nasdaq is not yet in a confirmed reversal, but it is approaching a zone where sellers will need to prove continued control.