During the start of the session on Wall Street, one could observe a clear surge of optimism among investors. However, a few minutes later uncertainty surfaced in the markets. The US100, (Nasdaq 100 contract), returned below 12,500 pts which is the lower limit of the smaller overbalance structure. One can see that buyers have been active around the 50.0 retracement of the last big upward impulse that coincides with two local peaks at the beginning and end of October.
Should downbeat moods prevail, the next support is located at 12,000 pts and is marked with the 61.8 Fibonacci retracement and coincides with a lower limit of larger overbalance structure. On the other hand, if buyers will manage to break above 12,500 pts, next major resistance lies at the 38.2 retracement.
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Nasdaq (US100), H4 interval. Source: xStation5
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