Despite Friday’s fall, Nasdaq-100 remains in the 4.050-4.100 consolidation range of the last three weeks. Although this consolidation at high level has given us a short-term MACD sell signal, chances favor a new multi-year high soon. A high-volume breakout from the recent price range is what bulls need to see. There is good support below, at the psychologically important 4.000 points mark, which is also the July high as well as the first fibonacci-support.
Chart courtesy of StockCharts.com. http://stockcharts.com
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