Chart of the Day - Monday, May 8, 2023

Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). Nasdaq 100 futures inched higher by +0.26% today, but that was enough to mark a nine-month closing high. Yuriy points out that the index is attempting to clear resistance around 13350 after consolidating for more than a month. Price cracked it today, but it hasn't decisively broken out yet. If price follows through to the upside in the near term, it will be important to see this level turn into support to avoid a bull trap or failed breakout.