NDQ (US 100 Index) 1W analysis - Sep 12 2024
Weekly chart of US 100 index is suggesting that the possibility of a crash in US stock market is rather high!
In fact the index is already in the heavy resistance zone of 19,000 - 20,400 and bearish divergence can be seen (both mid-term and long-term)
While the index is inside the resistance zone, breaking below the blue trendline is the confirmation for the huge drop and will lead to a huge sell pressure in the market.
The reason for this possible crash is probably weak data related to the labor market. Having a Buy position in US stock market is indeed risky these days as the index can even touch Oct 22 low and probably even lower levels if the drop is confirmed!! #NDQ #US100
In fact the index is already in the heavy resistance zone of 19,000 - 20,400 and bearish divergence can be seen (both mid-term and long-term)
While the index is inside the resistance zone, breaking below the blue trendline is the confirmation for the huge drop and will lead to a huge sell pressure in the market.
The reason for this possible crash is probably weak data related to the labor market. Having a Buy position in US stock market is indeed risky these days as the index can even touch Oct 22 low and probably even lower levels if the drop is confirmed!! #NDQ #US100
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