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The Nasdaq 100, #NDX, has reached a record high of 15,026 points. This level is strong resistance since the 8/8 of murray on two occasions has prevented the Nasdaq from continuing to rise. The last time a few hours ago, the index demonstrated the strength of resistance.
The 15,000 level is also a psychological level. If the Nasdaq consolidates below this level, there could be a downward correction as part of investors' profit-taking and because the daily charts are showing overbought level.
On the other hand, the USDX dollar index is closing the week with a bullish bias near the high of 93.15. It is its second bullish week, although it is now below the strong resistance of 6/8 of murray, which could keep the upside limited.
The Nasdaq market will be focused on the Fed policy meeting next week for more clues about monetary policy. Some unexpected or surprise changes, could affect the Nasdaq index, giving it strong volatility. A technical correction is expected these days because of exhaustion. Besides, the index has reached overbought levels.
According to the chart, our recommendation is to sell below the 8/8 of murray below the psychological level of 15,000 with targets at the SMA of 21 around 14,806. If this level is broken, the index could fall to the support zone of 7 / 8 murray around 14,687.
Support and Resistance Levels for July 23 - 26, 2021
Resistance (3) 15,108
Resistance (2) 15,081
Resistance (1) 15,027
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Support (1) 14,886
Support (2) 14,822
Support (3) 14,770
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