NASDAQ 100: The bulls (still) remain at the helm
Technical analysis of the NASDAQ 100 - viewing in the D1 chart
The technology-heavy selection index Nasdaq 100 shows an intact upward trend in all relevant time frames. Most recently, it generated a significant follow-up buy signal on June 22nd with the breakout of a rising resistance line along the highs of February 16 and April 16. On Monday it marked a new record high at 14,528 points.
From a purely price perspective, the bulls are clearly in control. The sentiment data and market breadth data for the US stock markets urge caution. In our opinion, the current price surge should represent the “final hurray” before a medium-term correction phase. In terms of seasonality, a phase of weakness beginning in July and lasting into autumn would fit into the typical pattern.
We see possible price targets on the upside at around 14,600 points and 14,757 / 14,774 points. Potential expansion targets can also be identified at 14,913 points and 15,082 points. Should the quotation fall sustainably below the former containment line, which currently runs at 14,258 points, we would see a first important warning signal for the beginning of the targeted corrective phase. Confirmations for the bearish scenario would be below 14,205 points and 13,968 points in a subsequent slide.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided.
The technology-heavy selection index Nasdaq 100 shows an intact upward trend in all relevant time frames. Most recently, it generated a significant follow-up buy signal on June 22nd with the breakout of a rising resistance line along the highs of February 16 and April 16. On Monday it marked a new record high at 14,528 points.
From a purely price perspective, the bulls are clearly in control. The sentiment data and market breadth data for the US stock markets urge caution. In our opinion, the current price surge should represent the “final hurray” before a medium-term correction phase. In terms of seasonality, a phase of weakness beginning in July and lasting into autumn would fit into the typical pattern.
We see possible price targets on the upside at around 14,600 points and 14,757 / 14,774 points. Potential expansion targets can also be identified at 14,913 points and 15,082 points. Should the quotation fall sustainably below the former containment line, which currently runs at 14,258 points, we would see a first important warning signal for the beginning of the targeted corrective phase. Confirmations for the bearish scenario would be below 14,205 points and 13,968 points in a subsequent slide.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided.
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