Nasdaq 100: Break of 10625 resistance to extend strength towards 10800 – Credit Suisse

Nasdaq 100 has had another strong start to the week as the market gaps higher yet again, reinforcing the break of long-term trend resistance from 2011 for a test of next flagged resistance at 10560/620. Whilst analysts at Credit Suisse look for this level to cap at first, a direct break can send the tech index towards the top of the weekly Bollinger Band at 10795/800.

Key quotes

“Near-term, strength has extended to our next flagged resistance at 10610/25. Whilst a pullback from here should be allowed for, a direct break can see resistance next at the top of the weekly Bollinger band, now at 10795/800. Above here can see the psychological 11000 barrier, with further Fibonacci projection resistance then seen at 11060/65, which we look to prove a tougher initial barrier.” 

“Support from the price gap from yesterday needs to hold to keep the immediate risk higher, seen starting at 10486 and stretching down to 10342/29. Below can see a correction lower emerge, with support next at 10143/10.” 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD nears 1.19 amid mixed US data

EUR/USD is trading close to 1.19, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields. The ISM Non-Manufacturing PMI beat with 58.1. 


XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades well above 1.31 amid dollar weakness

GBP/USD is advancing towards this month high at 1.3169, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. US Services PMIs are eyed. The ADP NFP missed with 167K.


ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News