Nasdaq 100 Remains in Record Territory
As with the S&P 500, the Nasdaq 100 continues to rally day after day with nary a meaningful dip since April.
While the 14-day RSI isn't at it's most overbought level this year, it is showing a potential bearish divergence at the recent highs, where price makes a higher high and the momentum indicator makes a lower high (so far).
Index traders will be watching this divergence carefully to see whether it hints at a more significant top forming in the coming days.
If we do see a near-term dip, the rising trend line and previous-resistance-turned-support at 20,000 will be the key support levels to watch.
-MW
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.