The NASDAQ 100 index has been moving in two parallel exponetial trendlines - we are now approaching the top band, however it looks til a Head shoulder formation is building up as the index struggles to break the 200day average. If this serves as a resistance I would expect 6500 to be the first short target. If this support fails there is a potential for a much deeper correction - down to 5000.
Furthermore, the momentum has been making lower highs and the price has not corrected accordingly.
Is the technology momentum finally starting to wear off?
Furthermore, the momentum has been making lower highs and the price has not corrected accordingly.
Is the technology momentum finally starting to wear off?