NAS 100 Experiences Volatile Expansion Above 14282.0

Market Analysis – May 29

The NAS 100 market has just bridged the resistance level of 14282.0. The market has made well over a 32 percent rise since the price took off from the support level of 10670.0 in January. The next resistance level of 15270 appears to be the next major target for buyers.

NAS 1OO Key Levels

Demand levels: 13703.0, 12864.0, 11880.0
Supply Levels: 14282.0, 15270.0, 17000.0

US 100 Long-Term Trend: Bullish

Since the emergence of the price after the double bottom formation in January, bullish expansions have been featured after correctional phases on the Nasdaq market. Shortly after the Stochastic indicated an overbought market in February, a pullback to 11880 was experienced. The test of the support level was sensitive as the Parabolic  SAR (Stop and Reverse) indicator appeared immediately below the daily candles to show the continuation of the long-term ascent.

A triple bottom chart pattern also formed above the significant level of 12864.0. A significant bullish expansion followed, driving the price above the resistance level of 14282.0. The bullish momentum remains high, as seen on the New Momentum Indicator. However, the Stochastic is overbought. A retracement is therefore anticipated in the bullish trend.

US 100 Short-Term Trend: Bullish

The three white soldiers on the daily chart that led to 14282.0 appear to be a bullish market structure of higher highs and lows on the 4-hour chart. A buy signal has been called out by the Parabolic SAR (Stop and Reverse). Since the stochastic is overbought, it would be safest to buy upon a pullback towards the 13703.p support zone.

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