Nasdaq-100 outlook for November 12, 2014

Nasdaq-100 consolidation at multiyear highs went on during the last session. A correction to 4.118, which is the September 19 intraday high would provide nice support in case of some profit-taking. If this level is broken, we may see the start of a bigger move down, maybe down to 4.000. The index is overextended but there is no serious technical indication for shorting it big time already.

NASDAQ-100, daily chart:

NQ 100 Futures(Daily)20141112113143

Chart courtesy of Investing.com. http://investing.com

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