Nasdaq 100 Short-Term Update
Nasdaq 100: 2318.95
Short-Term Trend: sideways
Nasdaq was little changed as it traded sideways last week. First it tried to move higher, but the upside was limited (well below the key 2400/10 resistance level). Then, there was a decline on Wednesday and Thursday to 2278 but the market then recovered nicely on Friday. Overall, on the shorter-term time frames, this price action is constructive. But until we see a clear break on the 2400/10 resistance level, the daily chart is more neutral than anything. So, if you are more aggressive, you can try the long side here as the recent price action is bullish. But if you want to see a confirmation, then one should wait for a breakout to occur first.
On the downside, the key level to watch is the late Nov low at 2150.
Strategy: Stand aside.