❗ US100 surges almost 2% as tech sell-off halts
US100 took a steep dive yesterday dropping almost 3% as investors escaped growth stocks and moved into value stocks. However, a recovery attempt can be spotted today with Nasdaq-100 futures (US100) gaining almost 2% and moving back above 12,500 pts. European indices are posting small gains today, signalling that rebound is mostly limited to the tech sector.
Taking a look at US100 from a technical point of view, we can see that the index bounced off the 12,310 pts swing area and launched an upward move. The nearest resistance to watch can be found at 12,730 pts and is marked with previous price reactions. However, key resistance can be found slightly higher at 12,890 pts, where the upper limit of the Overbalance structure can be found. In theory, breaking above this hurdle would signal a short-term trend reversal.
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Source: xStation5
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