The Nasdaq 100 recovers from profit-takings as investors continue to digest Q2 earnings.
The technical pullback has found bids on the 20-day moving average (14800). Buyers were quick to see the oversold RSI as a bargain indicator.
The bullish mood remains intact as long as the price is above the previous demand zone near 14550 from the daily chart.
Consolidation may run its course for a few more hours as short-term bulls rebuild their stakes. Those armed with patience may wait for a clean break above the peak at 15140.
