The Nasdaq 100 (NDX) has been in consolidation for two months near its highs for the year. Has it lost its steam and awaiting a pullback? Or is it well-positioned for a renewed move to the upside?
The NDX is in a firmly bullish position while above its zone of support at 4486 – 4562. While above this support zone the bias is bullish and the expectation is that the recent consolidation will resolve to the upside.
Only on a breach of 4586 would the index lose its bullish bias. If this were to occur, the bias would shift to rotational with lower support at 4078.
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