The Nasdaq 100 technology index, #NDX is trading below the strong resistance of 15,694. Since August 31, it has been consolidating below this level. Now it is below the 6/8 of murray and for below the 21 SMA, showing a bearish bias.
There is a possibility of a pullback towards resistance at 15,660. If the Nasdaq fails to break above its all-time high, it could be a good opportunity to sell with targets at 15,312.
The eagle indicator that measures the volume and strength of the market, is showing a sign of a bearish divergence. It is likely that in the coming days there will be a downward movement until the support of the 200 EMA located at 15,210.
The last 4-hour candles that have formed since August 31, limited to a range between 113 points, suggest that investors are waiting for some data to act as a catalyst for the price. The market may take the bearish direction, which shows the technical analysis. Alternatively, the price should consolidate above 15,690 for a new bullish wave.
Our outlook will be bearish as long as the Nasdaq 100 #NDX remains below the SMA of 21 located at 15,658, with targets at 15,221. The eagle indicator is supporting this strategy.
Support and Resistance Levels for September 09 - 10, 2021
Resistance (3) 15,875
Resistance (2) 15,772
Resistance (1) 15,690
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Support (1) 15,584
Support (2) 15,479
Support (3) 15,357
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Trading tip for Nasdaq 100 for September 09 - 10, 2021
Sell if there is a pullback at 15,650 (SMA 21), with take profit at 15,357 and 15,221 (EMA 200), stop loss above 15,730.
