NASDAQ100 : POSSIBLE PULL-BACK
- The market is trading above a bullish trend line, registering higher and higher highs and lows since the end of 2022, the long-term trend is therefore bullish.
- During the 4th quarter of 2023, prices experienced an impact on their bullish trend line just above 14,000.0pts, marking the end of a nearly 3-month long consolidation.
The sharp rebound that followed allowed the market to register 8 consecutive bullish weeks, leading prices to a new all-time high.
Prices are now trading around their first significant resistance at 16,700.0pts, represented by a 61.8% Fibonacci projection from the previous move.
Both 8 and 13 period exponential moving averages are bullish, as a dynamic support to the market, while the DMI indicator demonstrates growing buying pressure within a directional movement.
- In conclusion, it would be difficult to say that the bullish trend is threatened given the bullish behavior of prices and technical indicators.
The bullish movement is significant, the appetite for risk seems to continue to support the trend and the next targets at 17,350.0pts, 18,240.0pts/18,410.0pts and higher obviously remain valid for the long-term investor.
However, after 8 consecutive bullish weeks, the end of a quarter as well as the beginning of a new year and the impact on significant resistance could encourage investors to take some profits out.
A short/medium-term correction towards 16,200.0pts or 15,800.0pts would be seen as healthy at this stage, allowing the market to test the new support zones freshly established during the last sessions, before resuming the bullish trend.
- During the 4th quarter of 2023, prices experienced an impact on their bullish trend line just above 14,000.0pts, marking the end of a nearly 3-month long consolidation.
The sharp rebound that followed allowed the market to register 8 consecutive bullish weeks, leading prices to a new all-time high.
Prices are now trading around their first significant resistance at 16,700.0pts, represented by a 61.8% Fibonacci projection from the previous move.
Both 8 and 13 period exponential moving averages are bullish, as a dynamic support to the market, while the DMI indicator demonstrates growing buying pressure within a directional movement.
- In conclusion, it would be difficult to say that the bullish trend is threatened given the bullish behavior of prices and technical indicators.
The bullish movement is significant, the appetite for risk seems to continue to support the trend and the next targets at 17,350.0pts, 18,240.0pts/18,410.0pts and higher obviously remain valid for the long-term investor.
However, after 8 consecutive bullish weeks, the end of a quarter as well as the beginning of a new year and the impact on significant resistance could encourage investors to take some profits out.
A short/medium-term correction towards 16,200.0pts or 15,800.0pts would be seen as healthy at this stage, allowing the market to test the new support zones freshly established during the last sessions, before resuming the bullish trend.
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