The Nasdaq index has been trending in a multi-months channel since August 2020. The index is now hitting the resistance of this channel. Should the price drop below the 15000 level during the next several sessions, this might form a short-term Bull Trap leading to a potential 6%-7% pullback in August – September 2021.

Nasdaq has been the strongest of the four indices during the last several weeks. The NQ futures are currently sitting right below the prior all time highs. If bulls can push the index above the 15000 level during the next several trading sessions, it might lead to a large explosive move higher.