SPX filled its Gap, Is NDX Next?
The Central Daily Level (CDL) anticipated yesterday for the $S&P 500(.SPX)$ at 7,620 was lost right at the opening today.
There was no early warning for a bounce, and momentum remained bearish throughout the day with that level as resistance. Price action breached the first daily support level of 7,592 and found consolidation around the weekly level of 7,585.
Momentum is bearish. The gap left behind on August 8th at 7,610 was finally closed yesterday, and price action continued its downward trend. The question today is: Will the Nasdaq100 follow?
28,842K is a bearish magnet and 29,2K is a bullish one, The Federal Open Market Committee (FOMC) kicked off its September policy meeting today. Interest rate expectations consider a 92% probability of a quarter-point rate hike and it will be defined tomorrow, remember that the speech is as important as the rate decision itself.
Price action suggests bearish continuation but the clash with the lower Bollinger band may become a support zone. The main level to watch is cited below.
Yesterday, I posted the central daily levels for four semiconductor giants: $Micron Technology(MU)$ $NVIDIA(NVDA)$ $Advanced Micro Devices(AMD)$ $Broadcom(AVGO)$. Because these stocks have suffered high volatility, their weekly levels are wide, making daily levels useful as intermediate lines to assess potential reversals. AMD opened today above 490.7, suggesting a pause in the bearish move; MU held its CDL of 919.6; NVDA held 210; and AVGO was the only one losing 346.3, hence the move toward the 336 monthly level.
Will semiconductors bounce and fuel the $NASDAQ 100(NDX)$ ?
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