Nasdaq -USTech100
After making a record high above $15,700, Nasdaq fell down throughout the last week and ended a week in a negative. It faced strong resistance at 161.8% retracement level of around $15,708 on a monthly basis and fell back down to $15,430 levels. On a weekly basis, the RSI is still trading above 70 level, suggesting chances of more weakness for the coming few weeks. In the coming week, if it breaks $15,390, the next support will be near to 50 DMA at $15,110 followed by major support in the $14,800-900 zone and a major channel support near the $14,410 area. The previous high of $15,710 will continue to act as the major resistance. The market will react to US Core retail sales and CPI data next week.
