The short-term selloff may have run its course as both the Nasdaq 100 and S&P 500 reached important price support targets and may be reversing higher.
Will this be the start of a larger move higher or just a dead bounce? That we don’t know just yet.
There are buy signals showing up for the Nasdaq 100 that will trigger on a move above 19930 (as indicated on the chart below).
This turning point will need to see follow through buying to stick.
Not knowing the magnitude of a move up from here, it would be a good idea to think about adding to oversold names in price support areas.
Nasdaq 100 Chart
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The author or his firm 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.
