Indices – Technical Analysis NDX | Our expectations:
Clear uptrend and record highs at the US technology index NDX. The price has stopped at the level of the last top, and there is an inside bar that creates a probability of south direction in the next movement. We need to wait for a breakout below the bottom of the MAM bar or below 7209, with stop loss being at 7255 levels.
A riskier trade with good expectation, as we are waiting Fed to raise interest rates tonight at 21:00, which will likely have a short-term negative impact on the indices.
Breakout below 7185 (the previous peak) can give us a good base to add to the position, and if that happens we will probably see a 7039 test.
Alternative scenario: Break above 7230 will cancel the negative expectations and we will probably see a new upward impulse.
Trader Nikolay Georgiev