Monday has been a negative day so far as all of the risk-on assets were down, while the USD was up. Ahead of the US session, the Nasdaq 100 index was down 1%, trading at around 13,000 USD.

The first short-term support seems to be at previous highs in the 12,930/50 USD area. As long as the index trades above this support, the short-term outlook still seems bullish.

If the index drops below 12,930 USD then we might see a correction toward 12,780 USD or possibly to the 12,500 USD area.

However, we expect all dips to be bought as monetary policy remains ultra lose and Biden’s administration is about to unleash more fiscal stimulus worth trillions. 

Alternatively, the resistance is expected to be at Friday’s highs of 13,150 USD and if broken to the upside, further rally toward 13,500 USD could occur. 

Source: https://www.axiory.com/technical-analysis/nasdaq-rises-to-new-records-consolidates-on-monday

Share.

About Author

Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

Comments are closed.