Nasdaq, the tech index, is currently facing selling pressure and is leaning on the 50 Day EMA at 19257. The initial rebound attempts by the bulls lost steam at 19625, allowing the bears to take control and push the index lower.
Investors are keeping a close eye on INVIDIA results, which is causing concerns in the market. Some houses have been reducing their exposure in the stock, increasing worries among traders. Bulls need to defend the 19257 zone, as a sustained break below this area could lead to a further decline to 19000 and then the 100 Day SMA at 18950.
To reclaim control, the bulls need to break through the overhead resistance at 19610. Consolidation above the immediate hurdle at 19525 will pave the way for a retest of the day’s high at 19625. This level is crucial as it could lead to further upside movement, initially targeting 19780-19930. The major resistance level currently sits at 20008.
In summary, the Nasdaq is currently facing selling pressure and relies on the 50 Day EMA for support. Bulls need to defend the 19257 zone to prevent further declines, while also aiming to break through the overhead resistance at 19610. The market is closely watching the INVIDIA results, which are causing concerns among traders. Consolidation above 19525 could lead to a retest of 19625, a crucial point for further upside movement towards 19780-19930. The major resistance level to watch is at 20008.
