Nasdaq hovers at breakout point as wedge top aligns with key technical ceiling
Nasdaq nears breakout as price tests $19,725 resistance zone
The Nasdaq Composite Index continued its steady climb on Tuesday, June 10, pushing further into bullish territory and challenging the confluence of two key technical levels.
The index opened strongly, advancing from Monday’s close at $19,590 to an intraday peak at $19,670.
Highlights
-Nasdaq rose 0.64% Tuesday, closing at $19,715
-Intraday rebound off $19,540 confirmed 10 EMA support
-$20,000 level comes into focus if price breaks above wedge top
After a brief pullback to $19,540, where the 10 EMA on the 1-hour chart provided near-term support, the index rebounded and extended gains to touch the midpoint of the February sell-side imbalance at $19,725. That level capped Tuesday’s rally, resulting in a close at $19,715.
NASDAQ stock price dynamics (May - June 2025). Source: TradingView
The index ended Tuesday with a gain of 0.64%, bringing the week-to-date performance to 0.96% and lifting the month-to-date gain to 3.17%. This consistent upward movement has brought price action back to the upper boundary of the rising wedge pattern that has guided the Nasdaq since May. The top of this wedge now overlaps with the $19,725 midpoint of the earlier inefficiency, forming a dual resistance level that market participants are closely monitoring.
Nasdaq wedge pattern and imbalance midpoint to decide short-term trajectory
A break above this confluence could act as a launchpad for further upside. If buyers succeed in reclaiming the area above $19,725, attention would shift toward the next major psychological target at $20,000. This round number level carries strong symbolic and technical significance and would likely attract both institutional flows and retail momentum.
On the other hand, if the wedge top and imbalance midpoint act as a ceiling, price could turn lower in the coming sessions. In that scenario, the 20 EMA, which has risen to $19,600, is expected to act as near-term support. This level already served as a springboard on Tuesday after the brief dip to $19,540, and could continue playing a key role in containing any shallow retracements.
For now, the Nasdaq sits on the edge of a pivotal breakout. The market’s response to the $19,725 resistance zone will set the tone for the rest of the week. Either the index clears this level to aim for $20,000 or pulls back into the wedge, consolidating recent gains.
Nasdaq held its bullish trend structure as prices formed higher highs and higher lows in recent weeks. A rising wedge appeared on the 1-hour chart indicating possible breakout.
