There was tension building in the index from the top as the distribution was seen. In a single day selling pressure came in the index which was not followed, after 3 day again selling pressure was seen and this time it was followed. The index has retracted nearly 0.318% fibonacci ratio, if the index is able to trade  below this level we can expect it to trade near 0.618 level and if the index is not able to sustain at this level we can expect the index to correct till 13375 levels.

Pullback will be seen in the index near 0.50 fibonacci level.Pullback will be another opportunity for the trader.

The Rsi is following the price and the DMI and adx is also supporting the trend.

The index is trading below the 50 day EMA and we are expecting it to trade near 200EMA.

Advice : Sell if the index closes below 0.382 level

NASDAQ100

Oct 01 2021

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