The Nasdaq 100 futures (NQ) have been riding a strong bullish trend, currently trading around 22,732.50, marking new highs amid widespread optimism over anticipated interest rate cuts.
Technical Signals for Caution, see the video
Potential Healthy Retracement: Technical analysis indicates the possibility of a retracement developing. Such pullbacks could be a healthy market reaction, potentially correcting towards lower channel boundaries.
Traders holding bullish positions, including in stock portfolios, might consider scaling back or taking partial profits as the index reaches this key resistance zone. Watch closely for bearish signals or a rejection near the recent highs (around 22,760).
Confirm bearish indications before initiating short positions.
Even if you do not trade but follow the market for the sake of your stock portfolio, this may be a good spot to consider dwindling down, if that suits your strategy
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This article was written by Itai Levitan at www.forexlive.com. Read More Details
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