Chart of the day

NASDAQ is bouncing off the first key support of 14445 support and is in the falling wedge formation. Short-term the support zone is 14120-14445 for this extension higher.

Only a break below 13800 will invalidate this extension higher and would change the Elliott Wave long-term count. The key medium-term and Q4 20203 resistance level for a strong upside continuation is 14400.

Long trades are favored to be opened here with a stop loss below 14100. We prefer the long trade entries and building a buying position at this stage as we see an ongoing price action to continue higher after the strong confirmed bounce off 14100. Short trade entries could come only upon a confirmed break below 14000. You can trade the options as well.