Wallstreet - Nasdaq100 short trade update Following the Nasdaq 100’s close below 19,400 on Thursday last week, we moved to a tactical short bias in the Nasdaq 100.
The basis for the short recommendation was based on the idea that the correction in the Nasdaq 100 from the 20,690 high to the August 17453 low is missing a leg lower towards the 18,000/17,700 support area coming from the 200-day moving average and uptrend support from the December 10,671 low. There is a possibility of downside overshoot towards support at 17,000, a wave equality target.
We will remain with the tactical short view unless the Nasdaq 100 sees a sustained break above last week's swing high of 19,938. For those who would prefer to manage the trade more closely, you could use 19,650 as the stop loss, just above the high of the NDX over the past five days.
