Nasdaq 100: A meaningful move higher can emerge toward resistance at 13603/721 – Credit Suisse

Nasdaq 100 ended Q1 strongly. Analysts at Credit Suisse look for further strength to the 50% retracement at 13606/721.

Rally to extend

“A more meaningful move higher can emerge for resistance next at the 50% retracement and summer 2022 high at 13603/721. Our bias would be to then look for a fresh cap here and for a correction lower and fresh consolidation phase. Should strength directly extend though, we would see resistance next at the 61.8% retracement and price resistance at 14277/349.”

“Below support at 12518 is needed to suggest we have seen a ‘false’ break higher for a slide back to support next at the 63-Day Moving Average, currently at 12128.”