Struggling at 200-Day SMA
Nasdaq 100 rebounded on Tuesday but retested the crucial 200-day SMA (17,831) on Wednesday, closing slightly above this key level.
Thursday’s Early Pressure
Early Thursday trading shows the index under renewed pressure, remaining just above the 200-day SMA. This level is pivotal for determining the market’s next move.
Technical Analysis
A close below 17,831 could trigger a further decline, possibly testing the week’s lows. Conversely, a close above 18,300 would signal that a near-term bottom has formed, opening the door for a potential recovery.
Trading Strategy
Consider short positions if the index closes below 17,831, targeting the week’s lows. On the flip side, look for long opportunities above 18,300 with a target near 18,800.
Stay Tuned
Monitor these key levels closely for your next trading decision! 📊
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