NASDAQ is bullish but on the monthly time frame, it is nearing the 15000 mark, which covers the resistance area and is very strong given it confluences with the weekly and monthy. We will be taking a short at this level against the trend, profiting from the retracement dive towards the support level at 14600, almost a 400-500 point dive. This area will seem to be beneficial for the market to take a dip down. 

The ascending trendline is only going to act as a profit taking level with the retest being an option. It might also breakout sell from the resistance, confirming the breakout sell.

RSI is still bullish and we can extend our profits towards the EMA 50 retest. That being said, we can only hold our shorts till that area.

RSI is at 73, almost at the over bought region. This region may deduce a bearish divergence which will confluence with the technical factor for the bearish dive down.

NAS100 approaching the premium monthly levels for shorts

Jun 14 2023