Nasdaq 100 is seen likely to open higher today given the broader positive tone seen in global equity markets. Once the 9515 high of last week is removed, the small bearish “reversal day” will be negated, clearing the way for a move to 9624/34, per Credit Suisse.
“Nasdaq needs to remove the 9515 high of last week to clear the path for a move to 9624/34 – 15% above the 200-day average. With the 9737 record high not far above, we would look for fresh signs of a top here.”
“If 9515 can cap then the small ‘reversal day’ can be maintained with support seen initially at the top of the recent price gap at 9296/49, then more importantly at the rising 13-day average at 9213.”