Nasdaq 100 index technical forecast: bullish
- The Nasdaq 100 the index tries to exceed the immediate resistance level of 14,950
- The overall trend remains bullish-biased, reinforcing the chance of a successful breakthrough
- However, the MACD indicator formed a declining junction, indicating a weakening of the rate of increase
Chart by TradingView
The Nasdaq 100 index hit the weekend higher, aiming to exceed the immediate resistance level of 14,950 – a Fibonacci 261.8% extension. Successful testing could pave the way for price penetration to record territory. An unsuccessful experiment may be eligible for support for a 20-day SMA line.
The MACD indicator has receded from recent highs and has formed a junction of decline, suggesting that the rate of increase may weaken. The Nasdaq 100 recorded an eye-catching profit of 15% in the last two months, turning that profit into a technical setback.
The index is facing a “reality check” this week, as most FAANG companies publish Q2 results. Income optimism means that the margin of error may be small and the growth of these revenues may slow down due to the resumption of the external activities of the pandemic winners and the reopening of the economy.
The general trend remains bullish-biased For the Nasdaq 100 and other major US indices, with prices rising and falling in succession over the past few months. Quick Income Calendar and FOMC the meeting could set the tone for trading next week.
– Wrote DailyFX.com strategist Margaret Yang
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