The NASDAQ index is off its lows and has moved up toward what should be topside resistance. Their resistance comes between the broken 38.2% retracement at 16330.47, and the high of a swing area up to 16538. The high price has reached 16368.32 just above the 38.2% retracement but below the high of the swing area.
This is a key area for today and going forward. Stay below keeps the sellers more in control at least in the short/medium term. Move above and a rotation toward the 100-day moving average cannot be ruled out. That level comes in at 16878.
This article was written by Greg Michalowski at www.forexlive.com.
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