Nasdaq 100: Rally to extend towards 13175, then 13603/720 – Credit Suisse

Nasdaq 100 maintains its recent decisive break above the 12166 high of December. Economists at Credit Suisse expect the index to enjoy further strength.

Initial support aligns at 12166

“The market is stalling in the short-term below 12740/856, which is the 38.2% retracement of the 2021/22 fall and price high from September 2022, however, we look for a breakout above this level in due course, with next resistance at 13175, then 13603/720.” 

“Going forwards, we will be monitoring whether key trend-following indicators start to turn more sustainably higher to assess the durability of the rally.”

“Support is first seen at the recent breakout point at 12166, which we now look to hold. The next level is seen at 11960/853, below which would quickly point to a false breakout.”