Nasdaq futures today gain 0.92%, reaching the key level of 13750, this level coincides with Murray’s 8/8, a level of strong resistance.
The minutes of the last monetary policy meeting of the Federal Reserve showed that its members consider that the economy is still far from its target and are not in a hurry to reduce their purchase of bonds worth 120,000 million dollars a month.
Yields on 10-year Treasuries have since fallen somewhat, to 1.669%, from a recent 14-month high of 1.776%, but have struggled to fall below 1.59%.
The #NDX 1-hour chart shows that Murray’s 8/8 is likely to stop the bullish momentum, and there is a correction, to the support of the uptrend channel.
The 13666 area is located at the 1-hour SMA. While the Nasdaq is trading above this level, the trend is expected to continue its upward course, until the levels of 13906 there is extreme resistance.
Below 7/8 of Murray, the uptrend channel converges, the break of this channel could accelerate the decline of the #NDX, and push lower to the support of 13437.
We recommend selling below Murray’s 7/8 and buying above the 21 SMA located at 13666.
Support And Resistance Levels For April 08 – 09, 2021
Resistance (1) 13795
Resistance (2) 13808
Resistance (3) 14000
Support (1) 13678
Support (2) 13583
Support (3) 13550