Nasdaq 100 to plummet towards 14000 on a break below 14450/14410 – SocGen

Nasdaq 100 has staged a steady pullback after approaching 15700 last month. A break below the 14450/14410 resistance zone would introduce scope for a fall to 14000, economists at Société Générale report.

Initial resistance seen at 15040

“The index is now in proximity to the daily Ichimoku cloud at 14620. It is not far from an ascending trend line since November 2020; this is located near 14450/14410. These are potential support levels and defending them can result in a bounce.”

“Only a break below 14450/14410 could indicate an extended downtrend towards graphical levels of 14000.”

“Bearish gap near 15040 is the first resistance.”