The Nasdaq 100 technology index is trading above the psychological level of 15,000 points within a bullish channel formed in 4-hour charts.
The 21 SMA located at the same level of the 8/8 murray line is giving momentum to the Nasdaq 100, the last 4-hour candles show exhaustion in the bullish force. So, a correction is expected towards this area of the moving average.
Tomorrow, the US Non-Farm Payroll report will be released that keeps the market on alert. According to the ADP report, the outlook is negative for the US dollar.
If the data is weak, the Nasdaq 100 (#NDX) could gain strong bullish momentum towards the +1/8 murray resistance zone located at 15,313.
On the contrary, in order to sell, we must wait for a break of the key level located at the 8/8 murray line (15,000) and the 21 SMA.
A consolidation below 15,000 points is viewed as a downward correction towards the bottom of the bullish channel. This level could give it a technical bounce. If the Nasdaq breaks this channel, it could enable a decline towards the 200 EMA zone located at 14,687.
The technical reading of the eagle indicator that measures the volume and volatility of the market, is showing divergence, so there could be a technical correction for a new bullish wave.
Support and Resistance Levels for August 05 - 06, 2021
Resistance (3) 15,326
Resistance (2) 15,249
Resistance (1) 15,185
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Support (1) 15,0028
Support (2) 14,967
Support (3) 14,856
