Nasdaq (US100) Chart Technical Outlook points toward a resistance zone ahead of a busy calendar
Nasdaq’s broad bias is bullish, but momentum is fading as prices advance toward channel resistance. I expect more gains toward the resistance zone of 18,500-600. This overlaps the daily ATR range and the AB=CD projection.
The US calendar is busy this week, starting with the ISM Services PMI, then Powell’s testimony and employment data, and ending with the most important NFP. The recent data shows that inflation is not cooling as expected, and the economy is resilient with hot GDP growth and tight labor. This bodes for holding rates high for longer. Markets scaled back some of the earlier priced rate cuts.
I expect an upside price action in the index toward the mentioned resistance, and price action would then be data-dependent. Supports are located at 18,100 and 17,800.
