NASDAQ 100 Daily Technical Outlook: Key Levels to Watch as Index Trades at $19,020

The NASDAQ 100 Index currently stands at $19,021.19, reflecting a slight decline of 0.08% in the four-hour chart. The pivot point for today’s trading session is positioned at $19,074.74, a crucial level that could dictate the market’s direction.

Immediate resistance levels are identified at $19,231.79, followed by $19,359.40, and a higher resistance at $19,493.54. On the downside, the index finds immediate support at $18,861.55, with further support levels at $18,736.53 and $18,635.82.

NASDAQ 100 In Overbought Zone

The Relative Strength Index (RSI) stands at 65, which is approaching overbought territory, indicating potential for a pullback. The 50-day Exponential Moving Average (EMA) is positioned at $18,491.12, suggesting a continued bullish trend as long as the price remains above this level.

The pivot point at $19,074.74 is critical for traders to watch. If the NASDAQ 100 breaks above this level, it could target the first resistance at $19,231.79, with the potential to advance further to $19,359.40 and $19,493.54. Conversely, if the index fails to hold above the immediate support at $18,861.55, it could see a decline towards $18,736.53 and further down to $18,635.82.

The RSI at 65.80 indicates that the index is nearing overbought conditions, which could signal a potential pullback if the buying momentum is not sustained. The 50 EMA at $18,491.12 supports the current bullish outlook, as long as the price remains above this moving average.

Conclusion; NASDAQ 100 to Drop Under $19,075

The NASDAQ 100 Index is consolidating just below the pivot point of $19,074.74. A decisive break above this level could open the path towards the first resistance at $19,231.79. However, failure to maintain above-immediate support at $18,861.55 could push the index lower towards $18,736.53. Traders should monitor the RSI closely for signs of overbought conditions, which could prompt a short-term pullback.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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