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In the American pre-market, the Nasdaq 100 #NDX technology index is rebounding after having fallen yesterday to the 3/8 murray support at the low of 13,392.
At this moment, the index is rebounding, having gained 0.79%. It is expected to continue the upward trend until it faces a barrier at the resistance of 13,820. At this level is the 21 SMA in 4-hour charts, and the pivot point area of 4/8 of murray, both levels are key. If the Nasdaq fails to break this area, it will be a good selling opportunity.
In the afternoon of yesterday after the words of US Treasury Secretary Janet Yellen, the European and American stock markets suffered strong corrections.
The former president of the Federal Reserve (Fed) shook the foundations of the market yesterday afternoon, assuring that the monetary authority would have no choice but to raise interest rates to avoid an overheating of the economy.
Investors are nervous after this comment. If we look at the Nasdaq 100 index in the chart, we will notice that it has a triple top in the resistance zone of 14,062. This is a psychological level, after having reached this level on April 13. Now the index continues consolidating below this area.
If the Nasdaq #NDX fails to stay above the 21 SMA around 13,821, it will be a good selling opportunity targeting the 200 EMA around 13,337.
The market sentiment report released in the early American session shows that 75.12% of operators are selling this index. It is a sign that the upward force continues to prevail, therefore in each technical bounce that the Nasdaq makes, we can look for opportunities to buy.
Support and Resistance Levels For May 05 - 06, 2021
Resistance (1) 13,672
Resistance (2) 13,753
Resistance (3) 13,820
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Support (1) 13,569
Support (2) 13,516
Support (3) 13,357
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