Nasdaq-100 uptrend faced stiff resistance at the upper limit of an ascending channel drawn since October 2020 at 16760. Range-bound price action has developed after this test. A break below the lower limit at 15500/15350 would open up the October trough of 14380, economists at Société Générale report.

A rebound towards the recent peak of 16760 is not ruled out

“The index is now near the lower limit at 15500/15350. This is a crucial support.” 

“A rebound towards 16230 and recent peak of 16760 is not ruled out.”

“Only a break below 15500/15350 would mean possibility of a deeper pullback towards the 200-DMA at 14880 and October trough of 14380.”