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Trading Signal for NASDAQ, 100 #NDX, for July 16 - 19, 2021: Key level 14,910


In a 4-hour chart, the Nasdaq 100 #NDX is trading within an uptrend channel and below the SMA of 21, after having tried to break the psychological level of 15,000 points on three occasions. This level is very strong, also in this same area 8/8 of murray is located.

At a fundamental level, Fed Chairman Jerome Powell confirmed again in Congress that the central bank's ultra-loose monetary policy is appropriate for the economy at this moment. The United States is tolerating record inflation in decades. However, the Fed's leader said that rampant inflation is a transitory phenomenon and it would ease in the coming months.

The market's fear led, in part, that the Nasdaq 100 fell on Thursday, also allowing the dollar to turn strong on all fronts, in an action that is likely to extend into the future and could be negative for the #NDX.

Analyzing these data, we believe that the Nasdaq could enter a correction phase. For this, it should consolidate below the 7/8 of murray around 14,650, with targets at the 200 EMA located at 14,290.

On the contrary, we can continue to buy only if the Nasdaq consolidates above the 21 SMA around 14,910 points, with targets in the resistance zone or at the top of the bullish channel at 15,050.

Our recommendation is to sell below the SMA of 21 (14,910) or buy if it makes a technical bounce at 14,700. If it holds only within this range, a sharp break in the bullish channel may give us a selling opportunity with targets at 14,375 (6 / 8).

Support and Resistance Levels for July 16 - 19, 2021

Resistance (3) 15,074

Resistance (2) 14,958

Resistance (1) 14,928


Support (1) 14,674

Support (2) 14,568

Support (3) 14,410

The material has been provided by InstaForex Company -