Trading Signal for Nasdaq-100 (#NDX) for August 3 - 4, 2022: sell in case of pullback at 13,150 - 13,200 (6/8 Murray)

Important Update for RobotFX Visitors

We want to sincerely apologize for any confusion or inconvenience caused by our recent website restructuring.

The main RobotFX hub has officially moved to our new, streamlined address at robotfx.org (without the "www" prefix). While our main operations have shifted, we want to reassure you that this archives site, old.robotfx.org, will remain fully active. You can still access our complete library of past posts, historical trading analysis, and legacy articles right here.

However, for the latest updates, newer content, and a significantly faster, more optimized browsing experience, we highly recommend heading over to our primary home at https://robotfx.org.

Thank you so much for your continued support and patience as we improve our digital services.

The Nasdaq-100 Technology Index (#NDX) is trading at 12,983 above the 21 SMA and below the strong resistance of 6/8 Murray. Since July 13, the NASDAQ-100 maintains a strong bullish trend that could be showing signs of exhaustion due to the negative divergence observed in the eagle indicator.

Wall Street futures are trading higher, with the S&P gaining 0.65% and the Nasdaq 1.44%. The uptrend is likely to continue due to positive sentiment and risk appetite. However, a technical correction could occur as the index is overbought and it could fall towards the bottom of the uptrend channel at around 12,800.

According to the 4-hour chart, the Nasdaq-100 remains in a strong uptrend. But the NDX has a strong barrier because there is strong resistance at 13,125 (6/8) -13,200 (weekly resistance). In case there is a pullback towards this area, it is likely that there will be a technical correction and the index could go back and fall towards 4/8 Murray at around 12,500.

Our trading plan for the next few hours is to buy above the 21 SMA located at 12,906, or wait for a pullback to sell at around 6/8 Murray. In the event it consolidates below this level at around 13,150- 13,200, it will be a signal to sell with targets at 12,812 (5/8 Murray) and 12,550.

Trading analysis offered by RobotFX and Flex EA.
Source