Nasdaq 100: Sustained Uptrend with Strong Momentum Signals
Chart Analysis: The Nasdaq 100 has maintained a steady uptrend after rebounding from its August low, respecting a rising trendline (black) and staying above key moving averages. Here's a breakdown of the key observations:
1️⃣ Trendline Support:
The price has respected the ascending black trendline, acting as dynamic support during pullbacks. This showcases strong bullish commitment.
2️⃣ Fibonacci Projection:
The price is approaching the 161.8% Fibonacci extension (around 22,694), a potential area for traders to watch closely for reaction. Extensions like this often serve as resistance in trending markets.
3️⃣ Moving Averages:
The 50-day SMA (blue) remains upward sloping, while the 200-day SMA (red) confirms a long-term bullish structure.
Price action staying well above these averages signals continued strength.
4️⃣ Momentum Indicators:
RSI: Nearing 70, indicating strong momentum, though traders may watch for overbought signals.
MACD: Bullish crossover continues, with rising histogram bars suggesting increasing buying pressure.
What to Watch:
Whether the price can sustain momentum towards the 161.8% Fibonacci extension level (~22,694).
A healthy pullback towards the trendline or the 50-day SMA could offer clues for continuation patterns.
Momentum indicators may warrant attention for short-term overbought conditions.
The Nasdaq 100 remains firmly in an uptrend with bulls firmly in control. A break and hold above the Fibonacci extension would signal potential for further gains. Keep an eye on volume and momentum as price nears key levels.
-MW
1️⃣ Trendline Support:
The price has respected the ascending black trendline, acting as dynamic support during pullbacks. This showcases strong bullish commitment.
2️⃣ Fibonacci Projection:
The price is approaching the 161.8% Fibonacci extension (around 22,694), a potential area for traders to watch closely for reaction. Extensions like this often serve as resistance in trending markets.
3️⃣ Moving Averages:
The 50-day SMA (blue) remains upward sloping, while the 200-day SMA (red) confirms a long-term bullish structure.
Price action staying well above these averages signals continued strength.
4️⃣ Momentum Indicators:
RSI: Nearing 70, indicating strong momentum, though traders may watch for overbought signals.
MACD: Bullish crossover continues, with rising histogram bars suggesting increasing buying pressure.
What to Watch:
Whether the price can sustain momentum towards the 161.8% Fibonacci extension level (~22,694).
A healthy pullback towards the trendline or the 50-day SMA could offer clues for continuation patterns.
Momentum indicators may warrant attention for short-term overbought conditions.
The Nasdaq 100 remains firmly in an uptrend with bulls firmly in control. A break and hold above the Fibonacci extension would signal potential for further gains. Keep an eye on volume and momentum as price nears key levels.
-MW
Penafian
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