NASDAQ Broke the 1D MA50, targeting 12500.

CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
The Nasdaq index (NDX) is making its reversal as following the much lower than expected U.S. CPI report (fell to 7.7% from 8.2% the previous month), it posted the strongest 1 day rise of the year and broke above its 1D MA50 (blue trend-line) for the first time since September 13 (two months). The news that the Fed's approach has started to decrease inflation and the hopes that gives that they may consider easing their rate hike strategy, are fundamentally very bullish for the highly hurt tech sector.

Technically, this 1D MA50 break-out as well as the 1D RSI sequence, is consistent so far with the previous two counter trend rallies in 2022 (March 15 - 29 and June 16 - August 16). Both extended their rallies after breaking their 1D MA50 and topped on the 0.618 Fibonacci retracement level, forming the (dashed) Lower Highs trend-line. The current 0.618 Fib is exactly on the 12500 level.

If that is hit within 7 days, it will make contact with the Lower Highs trend-line as well as the 1D MA200 ( orange trend-line), which is intact since April 06. Technically the Resistance level to beat in order to enter a new Bull Cycle is the 1W MA100 (red trend-line), which rejected the August 16 top and has been holding since April 28, being previously the Support of the Bull Run.


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