Nasdaq Technical Analysis: Profit-Taking Zone Ahead?

The Nasdaq 100 futures (NQ) have been riding a strong bullish trend, currently trading around 22,732.50, marking new highs amid widespread optimism over anticipated interest rate cuts.

However, contrarian traders should take note: the current technical setup on the one-hour chart suggests it might be time to consider the opposite stance, as most traders remain strongly bullish.

Technical Signals for Caution, see the video

• Channel Resistance and Internals: Price is nearing a critical area at the top of a long-term rising channel. Historically, this zone has prompted profit-taking, leading to possible reversals or retracements. The chart currently shows two clear touch points and an…