The Nasdaq has now tested the support of 15,421 for the second time and slightly bounced off. A break below 15,421 could see a move towards 15,323.

Taking a look at the Nasdaq 100 in this instance, we can see that the index has now tested the support of 15,421 for the second time and bounced off. Currently, it’s trading at around 15,450. Resistance above sits at 15,475 then at 15,491 and then at 15,511. A break above 15,511 could suggest that we may see an extension towards 15,554. On the other hand, if the highlighted resistance levels are overpowering, we could see a break through the support of 15,421. A break and close below the trendline may see the index slide lower towards 15,323. The upside momentum seems to be lagging and downside pressure is increasing as we can see from the higher high set yesterday at the US open. Looking at the technical indicators, MACD is negative and so is the RSI as it reads 38.