Nasdaq 100 Reverses Higher from 28,585 Support on Bullish Engulfing

The Nasdaq 100 has rebounded from the 28,585 support zone after testing lower levels earlier in the week. On June 11, analysts warned of a deeper correction following a 6% drop from highs and a record 4.74% single-day loss on June 6 amid hot US jobs data and sticky inflation. By June 12, price held the confluence of the lower Bollinger Band and 38.2% Fibonacci retracement, printing a bullish engulfing candle that signals the start of impulse wave 3. The near-term bias has shifted constructive, with the next resistance eyed at the prior wave 3 peak of 30,770 unless support fails.