The NASDAQ is still contained within the falling wedge formation and while we might see a small correction to the upper diagonal boundary any rejection below the Weekly Pivot Level @ 11090 will likely see price re-test the lower diagonal boundary near the Weekly S1 Pivot Level @ 10628. If however price break above the upper diagonal boundary this could lead price higher towards the Weekly R1 Pivot @ 11420 where it will also meet additional resistance from the 4H 100 & 200 SMA’s.

Trade Note on USD FX Pairs

Looking at the USD Index, there still seem to be some room left for the dollar to strengthen this week. And looking at the chart we can see that a re-test of major resistance in the area of 94.50 to 94.70 is a distinct possibility, this is also the area where the major break of the decade long trendline took place near the end of July.