Nasdaq100: Reversal of Fortune as the index hit cloud chart resistance and reversed back into bear market territory!
After a fantastic rebound rally from key cloud chart support zone at the bottom end of the cloud the index ran into trouble at old cloud chart resistance zones of 12664/12777 !
After higher than expected inflation figures the NDX reversed lower and lost support at the bottom end of the cloud and since price action is below the cloud the overall outlook is back into bearish territory!
The outlook remains bearish on the weekly cloud since price action is trading below the cloud.
Short-term swing trades in the daily and 4 hour cloud chart at key opportunities to take, but overall the bearish outlook remain in place. Key levels for a potential support test are at 11971/11851!
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