Nasdaq 100: Resistance at 16,017 ideally caps for a correction lower – Credit Suisse

Nasdaq 100 is losing momentum ahead of resistance at 16,017, and analysts at Credit Suisse continue to look for this to cap for now for a correction lower.

Support seen at 15,608 initially

The uptrend in the Nasdaq 100 is starting to show signs of fading just ahead of next resistance at the 16,017 reaction high from January 2022, and we continue to look for this to cap and for a correction lower to emerge. 

Support is seen at 15,608 initially, beneath which can add weight to our view for a test of the rising 13-day exponential average, now at 15,421. Whilst we would look for an attempt to hold here, a closing break lower followed by removal of price/gap support at 15,210 would raise the prospect of a more concerted downturn, with support seen next at 14,925.

Above 16,017 though, we would see no reason not to look for a test of the 16,607/765 record highs.