Key today is if Nasdaq 100 will establish a more important and compelling bearish ‘reversal week’, which would only be seen on a close below 10486 today. If posted, this would suggest a corrective/consolidation phase can finally emerge for tech, per Credit Suisse.
Key quotes
“A close below the low of last week at 10486 would not only reinforce the bearish “reversal day” but would also then complete a more important and compelling bearish ‘reversal week’. This would significantly increase the risk a more protracted consolidation/correction is finally underway, with key then the 21-day exponential average then at 10365.”
“A close below 10365 should confirm, with support then seen at 10055 next and with the 38.2% retracement of the rally from March at 9428.”
“A close above 10486 would see a bearish ‘reversal week’ avoided and above 10892 would then also lessen the threat from the ‘reversal day’ to open the door to a retest of the highs and projection resistance at 11060/70.”
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