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Nasdaq-100 Rebounds From 28,800 Support, Targets 30,770

After repeated failures to break above the 200-hour moving average near 26,200 and a sharp rejection at the 100-hour MA, the Nasdaq-100 has now reversed higher from the key support zone at 28,800. The index fell to 25,651 on July 6 and closed at 25,776 on July 7 after dropping 346 points, with the Dow and S&P 500 also declining. The latest wave analysis indicates the pullback has ended and the broader daily uptrend remains intact, with resistance eyed at 30,770 if support holds.

Category

US Tech 100

Sentiment

Mixed

Event

Technical analysis

Reading time

1 min