Technical Alert : Nasdaq 100 & Dow Jones

Nasdaq 100

Nasdaq100 is testing its 10year highs reached in December 2015 at 4739.
As you can see on the chart , Nasdaq is at overbought level (RSI) that matched in the last 2 years with market tops that were followed by 4 to 20 % decline .

2 scenarios :

  1. 1/  Tests at 4740 fails and due to overbought situation market falls hard – 5 to 10% .
    We will check the daily MACD for reversal confirmation , wichis still bullish at this time . Preferred scenario.
  2. 2/  Tests of 4740 level succeed and one can see a maximum potential of 2% in the short run to test all time highs from March 2000 at 4815+/-.

Dow Jones

Same analysis can be done for the Dow as for SP500 : Key level / previous high lies at 18351 .
The only difference compared to SP500 is that MACD already turned south yesterday and indicates risk of downside.

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