US indices had another downbeat session in a row yesterday but the scale of declines was smaller than in previous two days when all major Wall Street benchmarks dropped more than 1%. Tech shares have once again lagged the most with Nasdaq index dropping 0.51% and Nasdaq-100 (US100) moving 0.45% lower.
Taking a look at the US100 chart at D1 interval, we can see that while the index saw some weakness in recent days and dropped 5% off December 1st peak, bearish momentum eased after prie reached support zone ranging above 11,500 pts handle. Downward move was halted at the 50-session moving average (green line) yesterday and today's retest of the aforementioned moving average also turned out to be a failure. Lower wicks of today's and yesterday's daily candlestick suggest that there is a strong bull camp in the 11,500 pts area and it is also a good place for a rebound from a technical point of few. However, one cannot rule out that we will have to wait until next week's Fed decision for the index to see a bigger move in either direction. In case bears regain control and push the index below the 11,500 pts price zone, the next support to watch can be found at the lower limit of the Overbalance structure (11,075 pts). On the other hand, should the index rebound from current levels, the 12,100 pts resistance zone, marked with recent local highs, will be a level to watch.
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Source: xStation5
