The Nasdaq 100 is testing last month’s low at 13,720. A drop below this level would open the doors to further losses towards 13,450 and last May’s low of 13,190/12,950, economists at Société Générale report.
The drop could persist if it does not break above 14,650
“The Daily MACD is at a higher level compared to the recent low, which is the first sign of positive divergence. However, it is firmly anchored within negative territory.”
“An early rebound cannot be ruled out. Channel cap at 14,650 expected to be the first layer of resistance. Failing to break above this level would mean the drop could persist.”
“Below 13,720, the next possible support levels are found at 13,450 and last May’s low at 13,190/12,950.”
Source: Fx Street
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