US100 Weekly chart

Is US100 ready for a new ATH (all-time high) or the price can fall much lower?

Good day, fellow traders,

Today we will have a look at the NASDAQ 100 (US100) and I will try to predict a few possible moves from a macro perspective.

After a sustained run-up for almost half a year, US100 found resistance in the 15750-15950 area. This area, previously, acted as temporary support before the US100 price fall.

For now, US100 is trading inside of a falling wedge. The logical question here is, will the US100 price manage to recover and attempt a new ATH by playing the falling wedge? Or this is just sideways choppiness before the US100 plunges lower?

From the macro perspective, the main key support levels are:

14400-14455 area: bottom of the falling wedge,

14075 area: 34MA,

13937-14097: first H channel of support,

13700-13979: second H channel of support,

13557: Aug 2022 Weekly close,

13300: last chance for bulls to maintain the bullish trend.
All those above levels could present good entries for some long scalp trades.

Regarding the main key levels of resistance:

15300-15464: top of the falling wedge,

16000 area: strong key resistance given by the red fib. circle. If the price gets back to this level, we might have a good opportunity for a great swing short trade.

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