Nasdaq 100 Index Chart
The Nasdaq 100 Index rally is nearing strong price resistance.
Not only has the tech index rallied into its 50 percent Fibonacci retracement but it is hitting its regression trend channel.
I can also see a momentum divergence forming.
I am worried that the next pullback will be a deep one, so I am turning cautious here and do not think it’s a good spot to be adding to longs.
The author may have position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.