FX.co ★ Trading Signal for NASDAQ #NDX for April 02 - 05, 2021: Strong Uptrend

The Nasdaq 100, (US100) has been up for three consecutive days, having broken the downtrend channel, it is now consolidating above the 200 EMA and 21 SMA, facing resistance at 13489.

Among the factors that have moved the Nasdaq 100 has been the $ 2.25 trillion infrastructure bill introduced by US President Joe Biden to modernize the economy, which if approved would add to the 1.9 trillion stimulus package.

Another factor that is driving the stock market is the plans to reopen the US economy.

The March employment report to be released this Friday, with the stock market closed, in which estimates point to a decline in the unemployment rate to 6%, may boost the US100 to the strong resistance zone of 13489.

On the contrary, a pullback towards the 13280 support will be a good point to buy with targets at 13400 and 13500, the key level.

A break below 13289, we expect a bounce at the 200 EMA, and the top of the bearish channel now acting as strong support.

Our recommendation is to buy at the 13289 support or a bounce at 13050, with short-term targets at 13500.

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Support And Resistance Levels For April 02 - 05, 2021

Resistance (1) 13,417

Resistance (2) 13,489

Resistance (3) 13,550

Support (1) 13,261

Support (2) 13,180

Support (3) 13,024