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The #NASDAQ Industrial Index is trading around 31,110, below the 21-day SMA and below the 8/8 Murray line, and is pulling back after reaching a high of around 31,400 points.
Given that the NASDAQ 100 is rebounding after reaching 30,581—which coincided with the lower band of the uptrend channel—we could expect a technical correction.
Technically, we could expect it to continue falling in the coming days, as the index is trading below the 21-day SMA and below the 8/8 Murray line, which is exerting strong downward pressure.
The 31,500-point area has acted as strong resistance for the NASDAQ 100. We believe that if it fails to reach this level in the coming hours, it could be seen as an opportunity to open short positions, anticipating that it will reach the 200 EMA around 30,191 points; ultimately, we could expect it to reach the 6/ 8 Murray level around 29,687.
Since September 20, the Nasdaq has been consolidating around 30,500 points, and recent trading shows that the price is overbought. Therefore, an opportunity to open short positions could arise from current price levels or below 31,250 points.
The Eagle indicator is showing a bearish signal, so we will look for opportunities to sell in the coming days. A consolidation above the 8/8 Murray level could change the outlook for the NQ100, and we should avoid selling.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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