NASDAQ 100: Short-Term Sell
NASDAQ 100 Futures, 4-Hour Chart Analysis
The tech benchmark lost its relative strength in Wednesday’s sharp decline, and it bounced back today to the short-term resistance level near 5675. This gives a good opportunity to play another declining leg lower after the break of the advancing short-term trend. The possible move lower will likely test the key support zone near 5470.
The re-test of the all-time highs near 5720 could be setting up a double top pattern that might give a long-term sell signal if the internal weakness in the US markets continues. The MACD indicator is getting back to neutral territory after the steep correction with the 5600 likely staying in focus in the coming days.