Nasdaq 100: Double Top or Christmas Rally Ahead?

3 ธ.ค.

The Nasdaq 100 moved higher as expected. The price has now formed a possible double top with a neckline at 21,200 and a target of 21,884. The pattern might morph into an ascending triangle, which would favor the bulls.

Tactically, traders have a few options for betting on the trend and a potential Christmas rally. One option is to wait for a decline to the 21,029–20,883 range and turn bullish, targeting the upside. The other is to wait for a breach of 21,200. However, the probability of success increases the longer the market consolidates below this level.

A breach today, for example, is unlikely to trigger a strong bullish push, but that could change by the end of the week. What’s your take on the Nasdaq 100? Share your view below!

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