The Nasdaq 100 #NDX Tech Index is trading within a pattern called a symmetrical triangle and below the 21 SMA. A bearish move below this level is likely to follow.
The Nasdaq 100 #NDX, having reached the maximum at 14,877, has made a strong correction. It seems to be making a confirmation or pullback. The 7/8 level of murray is now its immediate resistance. It is expected that while it is held below 14,800, the bias could be bearish to the 6/8 murray zone.
Investors are very cautious about relatively high inflation that will continue in the medium term. This could cause stocks in general to fall and enter a bearish phase.
The yield on 10-year US Treasuries fell to 1.26%, its lowest level since February, while the US dollar hits a three-month high as the global supply of safe-haven increases.
According to the 4-hour chart, we should expect a break above 14,780 and a consolidation above this level to buy with targets at the psychological level of 15,000.
On the contrary, a break below the symmetrical triangle and a consolidation below 14,650 will be a good opportunity to sell with targets at 14,375 (6/8).
The eagle indicator is in the overbought zone, although the market sentiment for the Nasdaq 100 is negative, it is likely that there will be a downward correction towards the 200 EMA, before a new bullish wave.
Support and Resistance Levels for July 09 - 12, 2021
Resistance (3) 15,092
Resistance (2) 14,984
Resistance (1) 14,846
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Support (1) 14,559
Support (2) 14,449
Support (3) 14,325
