NASDAQ: Rejected on a key symmetrical Resistance.

Nasdaq has a rather strong intra day rejection on Friday after the much higher than anticipated Nonfarm Payrolls. This turned the 4H time frame neutral already (RSI = 57.749, MACD = 127.790, ADX = 34.304) but with 1D still bullish buying pull-backs remains the most optimal strategy until a Support breaks.

Right now the rejection took place on R1, which as shown on the chart formed two tops in the past (September 13th, June 3rd). If the price crosses below the HL trend-line, it is highly likely to seek the S1 zone for a potential contact with the 1D MA200 and 1D MA50. All this is negated if we break over R1, which will trigger our buy (TP = 13,500) towards R2.

If not, we will buy on the 1D MA200, hence inside S1 and if it fails make the last attempt at 11,340 just over S2. Note that the 1D RSI hit the overbought territory just like on August 15th. An additional reason for selling pressure.



## If you like our free content follow our profile to get more daily ideas. ##

## Comments and likes are greatly appreciated. ##