Trading Signal for NASDAQ 100 - #NDX for August 26 - 27, 2021: Sell Below 15,312 (+1/8)

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The daily graph of the Nasdaq 100 technology index (#NDX) shows a marked upward trend. It has been developing since May 3 and could be at risk now as it has reached the levels of extreme overbought conditions around the murray line of +1/8.

After having registered its historical maximum at 15,394, the Nasdaq 100 is consolidating. This could happen due to the cautious market trading ahead of the data that will be known on Friday with President Powell's speech at the Jackson Hole symposium.

At this meeting, the economic outlook will be discussed, and investors will pay attention to any hint about the possible date when the Federal Reserve begins to cut its bond buying program.

The Nasdaq market and others will surely react very strongly to know all the details. It is likely that next Monday, there could be a strong push from the Nasdaq 100 towards the resistance zone of 15.625 (+2/8).

On the contrary, as long as it remains below the extreme overbought level of +1/8 murray located at 15,313, there is a possibility of a downward movement to the psychological level of 15,000 points.

In that area the SMA of 21 and the lower line of the bullish channel converge with 8/8 of murray. Without any doubt this level is a very strong bottom. Therefore, at this level it will be a good opportunity to buy with targets at 15.312, and if the indicator exceeds this level, it could reach further to 15,625.

Support and Resistance Levels for August 26 - 27, 2021

Resistance (3) 15,459

Resistance (2) 15,405

Resistance (1) 15,362

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Support (1) 15,267

Support (2) 15,089

Support (3) 14,977

The material has been provided by InstaForex Company - www.instaforex.com

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