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The Nasdaq 100 #NDX Technology Index, at the opening of the US session, is trading within a bullish channel on 4-hour charts and above the 21 SMA, approaching strong resistance at 6/8 Murray.
The Nasdaq continues with its bullish optimism, making new highs and with a target in the area of 14,375. We believe that this level will act as strong resistance for the Nasdaq.
The currency market has been affected by the announcement of the Fed, but the stock market, and especially the Nasdaq has continued its upward trend reaching levels of 14,320, now it would be facing a probable downward correction.
On the other hand, the chairman of the Federal Reserve, Jerome Powell, yesterday in his speech in front of the US legislators on Capitol Hill, said: that concerns about rising prices should not be taken into account, reiterating his view that the country's rising inflation will be transitory.
This data was welcomed by the Wall Street market, as the indices closed higher, and now it is rising for the third consecutive day, we expect correction movements in the Nasdaq for the next few hours.
The 21 SMA is around 14,149, a pullback towards this level will be a good opportunity to buy with targets at 6/8 of murray (14,375).
On the other hand, if the current bullish move pushes it up to the resistance of 6/8 Murray around 14,375, it will be a good opportunity to sell, targeting 14,149 and 14,062 (5/8).
The technical reading of the eagle indicator is showing negative divergence, which is a sign that a correction could occur in the coming days.
Support and Resistance Levels for June 23 – 24, 2021
Resistance (3) 14,548
Resistance (2) 14,429
Resistance (1) 14,354
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Support (1) 14,227
Support (2) 14,138
Support (3) 13,998
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