
The US 100 index (NASDAQ 100) has been in a positive tendency after the jump above the 61.8% Fibonacci retracement level of the downleg from the all-time high of 7700 to the 14-month low of 5845, around 6995. Currently, the price remains below the 200-day simple moving average (SMA), which is acting as a strong resistance level for the bulls.
Momentum indicators in the daily chart, though, are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the RSI is holding above 50 and the MACD continues to distance itself above its red signal line.
Should the price decisively close above the roof of 200-SMA, traders could extend the bullish movement towards the 7130 resistance barrier. Further advances above this level, could then target the area around the 7350 hurdle.
On the other side, a decline could meet the 6818 – 6775 support area, near the 50.0% Fibonacci region, before moving even lower towards the next significant obstacle of 6635, which stands around the 50-day SMA.
The recent bullish action turned the very short-term picture more positive, however, in the bigger view the index entered neutral mode.
For traders: our Portfolio of forex robots for automated trading has low risk and stable profit. You can try to test results of our forex ea download
Signal2forex reviews
Written by Admin
Product categories
Finance news
Stocks making the biggest moves midday: Micron, Kohl’s, Meta Platforms and moreThese are the stocks posting the largest moves in midday trading. Signal2frex feedbacks ... Read More ![]() FTX signs a deal giving it the option to buy crypto lender BlockFiSam Bankman-Fried, CEO of cryptocurrency exchange FTX, at the Bitcoin 2021 conference in Miami, Florida, ... Read More ![]() The S&P 500 just had its worst first half in more than 50 years, which ‘stressed’ this classic investment strategyStock trader on the floor of the New York Stock Exchange.Spencer Platt | Getty Images ... Read More |