Nasdaq 100: Signs of a peak – Credit Suisse

The latest attempt to extend the Nasdaq 100 uptrend has been rejected and the sharp reversal late in the session yesterday has seen a bearish “reversal day” established, according to Credit Suisse.

Key quotes

“A bearish ‘reversal day’ from just ahead of key resistance from the top of the price gap from February at 9406/47 suggests we may have finally seen a peak and we look for further evidence of a top.” 

“Support stays seen initially at the price gap from Friday at 9127/02, below which can see support next at the 13-day average at 8975/62.”

“Resistance moves to 9249 initially, above which is needed to ease the immediate downside bias for a retest of 9346/54.”