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The Nasdaq 100 technology index (#NDX) is trading under downward pressure. Its price is located below the SMA of 21 and below the uptrend channel that was broken on September 20. It is likely that in the next few hours there will be a pullback towards the resistance zone of 15,350.
This week, the Nasdaq fell to the level of August 19 at 14,800. From this point, it is making a technical bounce. Now it is consolidating above 4/8 of murray. Yesterday's candle left a doji, which means indecision in the market, due to the FOMC monetary policy update to be published at 1 pm New York time.
The macroeconomic forecasts of FOMC policymakers and Jerome Powell's press conference will undoubtedly give the stock market strong volatility. The Nasdaq 100 index could come under high volatility, so we believe it could reach the 15,350 level, only if the information gives credit to the US economy. On the contrary, the index could fall back to the psychological level of 15,000 points and reach the weekly low of 14,800.
The main trend of the Nasdaq is bullish according to the daily chart. However, since August 31 it has consolidated below resistance of 15,700, being under downward pressure for 3 weeks in a row. It has entered a correction phase, having sank below the SMA of 21. While it is located below this moving average, any bullish momentum only tends to be subdued.
A sharp break above the 21 SMA and above the 6/8 murray located at 15,625 will resume the main uptrend and the price could move up to the 15,937 level and up to the strong 8/8 murray resistance at 16,250.
The intermediate trend is down, but it is controlled by the 4/8 murray support and the psychological level of 15,000. A daily consolidation below 14,800 will indicate that selling pressure is escalating, so the price could fall to the 2/8 murray support level at 14,375.
Our idea is to trade within the price range between 15,350 and 15,000 due to the resistance of the SMA of 21 and the support of 4/8 of murray. The eagle indicator is approaching oversold levels.
Support and Resistance Levels for September 22 - 23, 2021
Resistance (3) 15,312
Resistance (2) 15,215
Resistance (1) 15,117
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Support (1) 15,000
Support (2) 14,930
Support (3) 14,858
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Trading tip for NASDAQ 100 for September 22 - 23, 2021
Buy above 15,000 or 15,093 (4/8) with take profit at 15,215 and 15,350 (SMA 21), stop loss below 14,950.
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