We are turning bearish on the Nasdaq 100 and S&P 500 Indexes here.
Momentum and trend indicators are turning lower. The Nasdaq 100 lost its short-term uptrend line last week and this (combined with slowing momentum) could lead to a pullback.
Immediate downside risks project to the 50-day moving average (initially).
That said, a move back above 12,500 that sticks would neutralize our short-term bearish stance on the Nasdaq 100.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
