It looks like the recent correction in stocks might be over, as the Nasdaq 100 rose above the 14,800 USD resistance without any problems.
At the time of writing, the index was up more than 1%, trading at around 14,950 USD and waiting for the US cash session to begin.
As long as the Nasdaq trades above 14,800 USD, the short-term outlook seems bullish. However, another critical resistance will surely be in the 15,170 USD zone, where previous highs are converged with September's bearish trend line, and the 50-day moving average is also located there.
Should bulls push the Nasdaq above 15,170 USD, the medium-term uptrend could be renewed.
Alternatively, if Nasdaq starts to decline again, the support of 14,800 USD must be defended. If a breakdown happens, the next target will likely be at this week's lows at 14,400 USD.
Sentiment improved overnight as the US averted a possible default (as it always does). However, soaring inflation and monetary policy tightening across the globe could still pose problems for tech bulls.
