The tech-heavy Nasdaq 100 index was down one percent shortly after the US opening bell and traded at around 13,560 USD.

It looks like the index has broken down from the recent consolidation range, which switched the short-term outlook to bearish again. The next stronger support could be found at previous highs/lows, around 13,400 USD. 

The medium-term trend remains unclear and choppy as the index has not moved anywhere in months. Therefore, the consolidation is still in play, and considering the long-term uptrend remains intact, we might see a bullish breakout above 14,000 USD over the next weeks. 

The initial resistance is now found at 13,620 USD, afterward at 13,760 USD, and if broken to the upside, further rally to 14,000 USD might occur. 

Until then, more short-term uncertainty could be ahead of us. However, as long as the Fed and other central banks remain extra dovish, US equities should continue in their stellar performance. 

Source: https://www.axiory.com/technical-analysis/nasdaq-rolling-over-on-thursday

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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.

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