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The Nasdaq-100 Tech Index (#NDX) is trading below the 21 SMA located at 15,137. After a slight technical bounce above the 200 EMA, it has come under bearish pressure again. The index is likely to make a correction towards the 200 EMA located at 14,873 in the next few hours.
In the last few trading hours in Europe, we saw a sharp drop in stocks and in major indices. This is a negative sign. Wall Street is likely to trade in the red during the North American session.
Rising fears over sanctions to be imposed on Russia due to the attack on civilians this weekend could weigh on the strength of the tech index.
This news could dent positive market sentiment and risk appetite, so investors will return to safe haven assets such as gold and the US dollar.
On the 4-hour chart, the Nasdaq-100 is showing an overbought signal and we expect a technical correcrtion below 4/8 Murray around the psychological level of 15,000 points. In case of the technicla correction below this level, the index could reach the area 3/8 Murray at 14,375 in the next few hours.
Our trading plan for the next few hours is to sell below the 21 SMA located at 15,137, or at current price levels at 15,099, with targets at 14,873. If bearish pressure prevails, the index could hit 14,375.
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