Source: PaxForex Premium Analytics Portal, Technical Insight

Wall Street saw its worst decline since June, with the Nasdaq Composite (COMP) falling 4.5 percent last week. According to CNN experts, the fall in quotes was affected by the fact that Nasdaq has been ahead of the other two major stock indices for several months - Dow (INDU) and S&P 500 (SPX).

Nasdaq 100, H4

Pivot: 11060.00

Analysis:

Provided that the index is traded below 11400.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 11060.00
• Take Profit 1: 10940.00
• Take Profit 2: 10680.00

Alternative scenario: 

In case of breakout of the level 11400.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 11400.00
• Take Profit 1: 11580.00
• Take Profit 2: 11745.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 11221.00

Analysis:

While the price is above 10130.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 11221.00
• Take Profit 1: 11650.00
• Take Profit 2: 12000.00

Alternative scenario:

If the level 10130.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 10130.00
• Take Profit 1: 9735.00
• Take Profit 2: 9155.00

Comment:

RSI is bullish and indicates further growth.

Key levels: