Nasdaq 100: Make-or-Break Trendline Support
Chart Analysis:
The US 100 Index has pulled back from recent highs but remains above its rising trendline (black), maintaining the broader bullish structure.
1️⃣ Rising Trendline:
The trendline, originating from the August lows, has been a key dynamic support for the index. Price is currently testing this level around 21,150, making it a critical area to watch.
2️⃣ Moving Averages:
50-day SMA (blue): The index remains above the 50-day SMA at 20,818, confirming short-term bullish momentum.
200-day SMA (red): Positioned at 19,438, reflecting a long-term bullish trend.
3️⃣ Momentum Indicators:
RSI: At 51.88, signaling neutral momentum, giving room for the index to either bounce or consolidate further.
MACD: The MACD line has turned downward, suggesting weakening bullish momentum but no decisive bearish crossover yet.
What to Watch:
A bounce from the trendline could signal a continuation of the uptrend, with immediate resistance near the recent highs around 21,600.
A break below the trendline may shift attention to the 50-day SMA or the 20,800 level for potential support.
The US 100 Index remains within a broader bullish structure, with the rising trendline acting as a critical support level for near-term price action.
-MW
The US 100 Index has pulled back from recent highs but remains above its rising trendline (black), maintaining the broader bullish structure.
1️⃣ Rising Trendline:
The trendline, originating from the August lows, has been a key dynamic support for the index. Price is currently testing this level around 21,150, making it a critical area to watch.
2️⃣ Moving Averages:
50-day SMA (blue): The index remains above the 50-day SMA at 20,818, confirming short-term bullish momentum.
200-day SMA (red): Positioned at 19,438, reflecting a long-term bullish trend.
3️⃣ Momentum Indicators:
RSI: At 51.88, signaling neutral momentum, giving room for the index to either bounce or consolidate further.
MACD: The MACD line has turned downward, suggesting weakening bullish momentum but no decisive bearish crossover yet.
What to Watch:
A bounce from the trendline could signal a continuation of the uptrend, with immediate resistance near the recent highs around 21,600.
A break below the trendline may shift attention to the 50-day SMA or the 20,800 level for potential support.
The US 100 Index remains within a broader bullish structure, with the rising trendline acting as a critical support level for near-term price action.
-MW
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