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The Nasdaq 100 (#NDX) is showing signs of exhaustion and is holding below the psychological level of 15,000, giving a signal of the overbought market conditions.
Bearish pressure could push it towards the support level of the 200 EMA located at 14,613, also 7/8 murray zone.
The Nasdaq 100 technology index may end the session in the red due to the falls of stocks such as Amazon and Pinterest that add to the disappointment by the second quarter growth figures published on Thursday.
The market is stoking fears of rising inflation, although the Fed made it clear that there is nothing to worry about, and that the CPI hike is tolerable. The market will continue to avoid figures that show inflation is above expectations, even when GDP growth is better than expected.
At a technical level, we can see the Nasdaq trading below the SMA of 21, is under downward pressure. The index is making an attempt to break this area, but the red candles are stronger and with more body.
The key is to sell below the line of 8/8 of murray and below the 21 SMA, with a target at 14,616. The eagle indicator is showing a bearish signal.
Support and Resistance Levels for July 30, 2021
Resistance (3) 15,143
Resistance (2) 15,026
Resistance (1) 14,960
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Support (1) 14,847
Support (2) 14,785
Support (3) 14,652
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