NAS100 Is in a Fresh Decline as It Faces Rejection at 12800

Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is still in a downtrend as it faces rejection at 12800. On September 12, buyers failed to keep the index above the moving average lines, hence the decline. The index is consolidating above the current support for a possible decline. Meanwhile, on the August 30 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS 100 will fall to level 2.00 Fibonacci extension or level 10790.32.

Daily Chart Indicators Reading:
The index is at level 38 of the Relative Strength Index for period 14. It indicates that the market is in the downtrend zone and may further decline. NAS100 price bars are below the moving average lines indicating a further decline. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 is in a downtrend as price breaks below the moving average lines. The index declined to level 11710 and resumed consolidation above it. The upward move was repelled at the 21-day line SMA. This indicates that NAS100 may further decline.

4 Indicators Reading
NAS100 is below the 50% range of the daily stochastic. The index is in a bearish momentum. The moving average lines are sloping downward indicating the downtrend.


General Outlook for NASDAQ 100 (NAS100)
NAS100 is in a downtrend as it faces rejection at 12800. The index has made an upward correction to the high of level 12800 but was repelled. This is an indication of a further downward movement of the index.



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