• NASDAQ-100 approached the key resistance area
• Likely to correct down to 12000.00

NASDAQ-100 index recently approached the key resistance area lying between the major round resistance level 12500.00 (which stopped the previous sharp upward trend at the start of September and also the earlier minor impulse wave (i), as can be seen from the daily NASDAQ-100chart below). The resistance area near the resistance level 12500.00 is strengthened by the upper daily Bollinger Band.

Given the strength of the aforementioned resistance area, overbought reading on the daily Stochastic indicator  NASDAQ-100 index is likely to correct down from the current levels toward the next support level 12000.00 (former resistance from the middle of November – acting as the support after it was broken previously).