On the daily chart below, we can see that the price is struggling to break above the 12,660 resistance level as a hawkish re-pricing of interest rate expectations and negative headlines on the debt ceiling front weighs on the Nasdaq.
The major bull flag is still playing perfectly and the target is 13,000 price area. As things stand, we might get a trend line pullback first as buyers will also have the long red EMA as support.
Nasdaq Technical Analysis
In the 4 hours chart below, we might have a possible double top at the resistance at 12660 with the neckline at 12420. This would be a good setup for both buyers and sellers. Buyers will be counting on this neckline with the trend line and the daily long red period moving average
Read this term As support to target a breakout above the 12660 resistance. On the other hand, sellers will wait for a breakout below the neckline and trendline to start placing larger sell-offs to the swing low at 11800.
On the hourly chart below, we can closely see the short-term price action of the NASDAQ. The recent pullback bounced off the 38.2% Fibonacci retracement level, so we might expect buyers back there if the price pulls back again.
Alternatively, if the NASDAQ starts to break above the high of 12,755, buyers should pile in as bullish momentum will be in their favour. Today, the only risky event is the US PCE report. If we win, we should see a pullback to the 12420 level, but if we miss, we should see the NASDAQ rise to new highs.
