FX.co ★ The Nasdaq 100 Index has the potential to continue its bearish bias today

[Nasdaq 100 Index]

With all technical indicators condition showing weakness in the NDX, such as the Death Cross formation and the RSI(14) being in the Neutral-Bearish level, sellers are quite dominant in the Nasdaq 100 Index today.

Key Levels

1. Resistance. 2 : 26037.7

2. Resistance. 1 : 25904.1

3. Pivot : 25700.9

4. Support. 1 : 25567.1

5. Support. 2 : 25364.1

Tactical Scenario:

Pressure Zone: If the price of #NDX breaks down and closes below 25700.9, there is potential for it to continue declining to 25567.1.

Momentum Extension Bias: If 25567.1 is broken, then #NDX could test the level at 25364.1.

Invalidation Level / Bias Revision:

The downside bias is contained if the price of #NDX breaks above 26037.7.

Technical Summary:

EMA(50) : 25604.1

EMA(200): 25614.8

RSI(14) : 33.05

Economic News Release Schedule:

Tonight during the U.S. session, the following economic data will be released:

US - Unemployment Claims - 20:30 WIB

US - Trade Balance - 20:30 WIB

US - Final Wholesale Inventories m/m - 22:00 WIB

US - Natural Gas Storage - 22:30 WIB

US - 30-y Bond Auction - 01:01