Technical Analyst, Saxo Bank Group
Nasdaq 100 closed just a few points above its September low is set for lower levels. Next key support is at 10,677, close to the 0.618 retracement of the 2020-2021 uptrend at 10,590. If Nasdaq closes below that levels the Index is at risk to penetrate 10K. 1.618 projection of the Q3 correction is at 9,378, a level that is not unlikely to be reached if earnings season starting this week becomes very disappointing to the market.
To reverse the downtrend Nasdaq 100 must close above 13,721. Short-term a close above 11,660 will revive the bounce around 12K. For that to play out a bullish gap on daily chart is needed.
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