Nasdaq 100 peeped just above strong resistance at around 15,265 to close below (see weekly chart below). The uptrend is a bit stretched as indicated with RSI being above 70 on both daily and weekly time period meaning the Index is ripe for a correction.
A correction that could take the Index down to the 0.382 retracement at around 14,300 possibly testing the lower rising trendline before buyers are likely to take back control. However, if buyers take back control before Nasdaq 100 reaches 14,300 is will be a sign of strength.
There is no divergence on RSI on daily and weekly meaning Nasdaq is likely to climb higher after a minor correction. The resistance at 15,265 is key!
A close above will pave the way for further upside towards all-time highs.
A daily close below 14,280 could lead to a larger correction down to 13,697 – 16,520