Current price: 29345
Key point: 29400
Our preferred strategy: Sell positions below 29400 with a first target of 29070 and a second target of 28750.
Alternative scenario: Stop loss and trend reversal upon breaking the 29460 level, targeting the 29780 level.
Technical commentary
The Nasdaq index is currently trading below the pivotal resistance level of 29400 and below the 200-period moving average on the four-hour timeframe. If the index forms a lower low on the shorter timeframes, it is expected to move towards the 29070 level, and then, if it breaks below that level, it will target the 28750 level.
