Nasdaq 100 Index Probably Heading Lower

In my prior post from September 9, I said that if the Nasdaq 100 index stayed below the moving average and closed convincingly below 11.000, then I would expect lower index levels. One can argue if Friday's close under 11.000 was strong  enough, but the overall pattern now looks more bearish to me and I think the index will head lower at least over the next few days. My two potential targets are, as I mentioned earlier, 10.250-9.500. I will re-evaluate my view if the index closes above 11.500.

 

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