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Ross Givens

Stock Trader & Educator

Nasdaq 100 Hits Overhead Resistance

Stocks in the US have been on a wild ride since Thursday morning’s CPI release.

The Nasdaq 100 (NQ) gained 2.2% that day, followed by a 3.1% decline on Friday and a 3.4% rally yesterday.

Needless to say, the market has been volatile.

But with today’s initial rise bringing the NQ up to down trending resistance and running out of steam, the next move could well be lower again…

Trying to Sell the High

Here’s how we see the market shaping up for the Nasdaq 100 Index futures contract…

Daily Chart of Nasdaq 100 Index — Source: TradingView

The NQ daily time frame is in a down channel. The market hit the top of the channel and is now pushing bearish towards the bottom of the channel.

There is a down Fibonacci with an extension price point 9,595.25, about -6,966 ticks below the market.

The market formed a low price and is pushing towards a future high price. The market is hitting an inner down trend line, which could push the market back down.

If the market is able to close above the inner trend line, it is expected the market to keep pushing higher towards the outer trend line.

Unless the inner trend line is broken, it will be a good idea to turn to the one hour time frame and to look for high prices in the sell zone.

The Bottom Line

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Keep on trading,

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The post Nasdaq 100 Hits Overhead Resistance appeared first on Josh Daily Direction.

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