Chart Of The Day: Nasdaq 100

NASDAQ 100 Daily Chart.

NASDAQ 100 Daily Chart.

Tomorrow is a big day for the markets as we brace to hear Fed Chair Jerome Powell’s speech. Bonds look a little weak, and if he leads us to believe a “taper” of bond purchases will happen sooner rather than later, then bonds may be pressured, sending yields higher. If that happens, we have seen that some of the tech stocks could trade heavier in the weeks ahead. The has had some divergent relative strength since July. However, we are also at the top of an ascending channel, and it would be possible the index trades back towards the 14,000 level and breakout point in the weeks ahead.

Support near term is at the 14725 level, and a break of this support would mean a “lower low” shifting the uptrend more into a range. 

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