Equities bounced yesterday after weeks of sideways-to-downward price action, with Nasdaq-100 futures up 0.77% after bulls held the line near the 21-day Exponential Moving Average at about 15,390. However, the tech-focused index failed to close above the lower end of its previous range near 15,520 for the third day in a row, while many commonly followed technical indicators such as the MACD and Parabolic SAR are reflecting more bearish sentiment. Bulls need to push prices up about 1.3% to crack the ceiling for fresh all-time highs. If the bears take hold, the day’s major test will once again be the 21-day EMA. From there, it will be important to see whether the /NQ holds at its previous highs near 15,145 – especially because the 50-day Simple Moving Average is just below, so a breach of these two levels could spell further downside. Keep in mind as well that Friday’s Quadruple Witching could spell heightened volatility as the September contracts for the /NQ and the three other major equity indices expire.

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