Nasdaq 100: Downturn underway, close below 9512 to stretch falls below 9200 – Credit Suisse

Nasdaq 100 closing below 9512 today would see a definitive beginning of a correction phase in the opinion of analysts at Credit Suisse with the next support seen at 9235.

Key quotes

“Key for today is seen the low of last week at 9512 as a break and close below here today would mark a bearish ‘reversal week’ to add a further negative tone with next support then seen starting at 9235 and stretching down to price and gap support at 9182/53. Beneath here is needed to see a price top established, with support then seen next at 8863/61 – the 38.2% retracement of the entire rally from March and mid-May low. Holding above 9152 today on a closing basis can avoid a ‘reversal week’.” 

“Resistance is seen at 9777/83 initially, above which we see the beginning of the price gap from yesterday at 9978.”