NASDAQ Resistance Cluster Ahead

NASDAQ Resistance Cluster Ahead

The daily chart of the Nasdaq shows that the price is approaching a significant resistance cluster.

The current price action is trading around the 100-period moving average. This is also the 50 Fibonacci retracement level when measuring the recent bearish trending move.

A little higher is a long-term trendline, the 200-period moving average, and the 61.8 retracement level waiting.

QE and the FED stimulus seem to be keeping the indices going despite rising unemployment and the complete shutdown of the economy. The question many investors ask themselves is how long they keep this rally up despite the looming crisis.

 

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