NAS100: Nasdaq 100 Index - An Important Week Ahead
Nasdaq never made it to 7518, failing badly at 7495 and then breaking the first support at 7479 and then falling another 100 points to 7380 before bear closing in the last couple of hours on Friday took the index back to the 7414 line and a newly forming dynamic resistance line just above price now.
It should fall away from here back to the 7380 -7371 range on Monday. There is further support at 7355 but the pattern is negative and though it may bounce here once tested it's likely to fail a little later.
Once it fails it should fall away further to retest the 7300-7283 range and ideally to spike off the lower parallel just below here.
Any break below the lower parallel (not a spike) will turn the medium term trend to negative.
It looks like an important start to the week lies ahead.
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Nasdaq never made it to 7518, failing badly at 7495 and then breaking the first support at 7479 and then falling another 100 points to 7380 before bear closing in the last couple of hours on Friday took the index back to the 7414 line and a newly forming dynamic resistance line just above price now.
It should fall away from here back to the 7380 -7371 range on Monday. There is further support at 7355 but the pattern is negative and though it may bounce here once tested it's likely to fail a little later.
Once it fails it should fall away further to retest the 7300-7283 range and ideally to spike off the lower parallel just below here.
Any break below the lower parallel (not a spike) will turn the medium term trend to negative.
It looks like an important start to the week lies ahead.
* For fastest major market updates in real-time please check the link at top left of main page.
This has fallen back to the downside target at 7380-7371 after a low at 7369 reached overnight.
It's now pushed out and above the upper dynamic and has so far used it as support since break the same dynamic to the upside.
If it's going to make a counter rally now it should be from here back up to the 7414 line and to the 7436 line at best before it comes off again.
A break below 7355 is needed to signal next short back to 7300-7283 range if we don't get a chance to short again from higher up (as above) first.