On Friday, the Nasdaq 100 #NDX technology index broke the technical rectangle pattern. It is now located below the support of 15,520 and below the SMA of 21, showing a bearish scenario. Its price could continue to fall until the support of the EMA of 200 located at 15,250.
The main trend is bullish according to the daily chart. Besides, according to the 4-hour chart, it remains trading above the 200 EMA with a bullish bias. A technical bounce around 15,250 will indicate a resumption of the uptrend.
A move through 15,200 and a consolidation below the 200 EMA will turn the main trend down, and it could continue to decline to the support of the 4/8 murray line and psychological level of 15,000.
The Nasdaq 100 has always taken advantage of the correction cycles for a new bullish attempt. So, a good point to buy will be the 5/8 murray level and the 200 EMA around the area of 15,300 - 15,200.
On September 14, the consumer price index is scheduled to be published. Inflation data could give strong volatility to the stock market. If the data is favorable, the yields of the Treasuries are likely to rise higher that would be negative for the Nasdaq index.
According to the 4-hour chart, a sustained movement of the Nasdaq above 15,625 will indicate the presence of buyers so that the index could resume the uptrend. There is the 6/8 of murray that has now become strong resistance. Below this level, the SMA of 21 is located which remains under downward pressure.
A consolidation above 15,625 should be a good opportunity to buy the Nasdaq 100 with targets at 15,700. The index is expected go up to the 7/8 resistance at 15,937. The eagle indicator is approaching oversold levels.
Support and Resistance Levels for September 13 - 14, 2021
Resistance (3) 15,546
Resistance (2) 15,517
Resistance (1) 15,468
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Support (1) 15,390
Support (2) 15,312
Support (3) 15,234
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Trading tip for Nasdaq 100 #NDX for September 13 - 14, 2021
Sell if there is a pullback at 15,550 SMA 21 with take profit at 15,400 and 15,300 (5/8), stop loss above 15,625.
Buy if the #NDX rebounds at 15,250 with take profit at 15,447 and 15,550 (6/8), stop loss below 15,200.
