NAS100 eyeing trend resistance and potential supply
A big session ahead as we start to position for NFP and next weeks US CPI - good news seems to be good news for stocks, and bad news is good news too, as we see a weaker USD and further inverted yield curves' - an almost goldilocks scenario!
Technically, the index is making all the right moves, and we see the momentum indicators favoring a test of the downtrend resistance at 13,340. A closing break of trend resistance and the momentum could take the index into 13,600.
After a 20% rally from the 16 June lows it wouldn't be hard to think that the prospect of sellers into the downtrend is elevated and the trend may find supply easy to find - so one to watch for the scalpers. So depending on whether your trading momentum, trend or scalping resistance the set-up has great meaning.
Technically, the index is making all the right moves, and we see the momentum indicators favoring a test of the downtrend resistance at 13,340. A closing break of trend resistance and the momentum could take the index into 13,600.
After a 20% rally from the 16 June lows it wouldn't be hard to think that the prospect of sellers into the downtrend is elevated and the trend may find supply easy to find - so one to watch for the scalpers. So depending on whether your trading momentum, trend or scalping resistance the set-up has great meaning.
Disclaimer:
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment.
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment.