Nasdaq 100: Temporary setback as long as key supports at 11912/699 hold – Credit Suisse

Nasdaq 100 is correcting lower, but economists at Credit Suisse look for key supports at 11912/699 to hold.

Break below 11912/699 would open up further weakness again

“Nasdaq 100 setback is likely to extend further to the key 63 and 200-day averages at 11912/699. We view this as a temporary setback as long as the market holds above here, with medium-term MACD momentum very close to turning outright positive”.

“We look for a clear and sustained break above 12856 post this setback and some further consolidation. We would then see resistance next at 13175, ahead of the 50% retracement and summer 2022 highs at 13603/721.”

“Below 11912/699 would open up further weakness again within the Q4 2022 range, with the next level at 11550, then 11252/50.”