Technical Analysis for NASDAQ Futures as of August 08, 2023

NASDAQ:NDX   Nasdaq 100 Index
The upside trend which started in fall 2022, is flirting with the Weekly upward trendline. On a weekly basis, the upside trend has not yet finished. Based on the Fibonacci levels shown on the chart, the support level of 14,927.82 must be broken to conclude that the upside trend has come to an end. Hypothetically, if the support level indicated above, breaks through, the index could correct down to the next Fibonacci level at 14,309.39 which could be a strong support and turning point for the index move. Potential strategy: Go long on NASDAQ for now and put your Stop-loss at 14,900 or Wait-and-See if the weekly trendline holds.

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