NASDAQ 100: Short-Term Sell (Update)
NASDAQ 100 Futures, 4-Hour Chart Analysis
The NASDAQ has been trading in close vicinity to the 5675 level since our recommendations, as it held up to its gains well despite the previous deep correction. The tech index still lost its relative strength compared to the S&P 500, and it failed to hit a new high, so far, this week. The benchmark might be forming a double top formation, with the 5725 level providing resistance currently.
Our recommendation remains intact, with the stop-loss level still slightly above the 5750 level. Our recommendation remains intact, with the stop-loss level still slightly above the 5750 level. The persistent internal weakness of the US markets points to a deeper correction in the coming months, but another push to new highs is still possible.