Nasdaq 100 (NAS100) Bullish Strength is In Check

Market Analysis – July 31st

Nasdaq 100 (NAS100) bullish strength is in check as it is managing to fight back. The bullish market is experiencing a tumultuous period as the stock price has been steadily progressing forward. The buyers have yet to break through the 15876.50 key level. Last month, a surge in the Nasdaq 100 (NAS100) price drove the market close to the 15876.50 level. This, therefore, provides an opportunity for the buyers to make headway.

Nasdaq 100 (NAS100) Key Levels

Resistance Levels: 15876.50, 15458.80
Support Levels: 14957.30, 15255.30

Nasdaq 100 (NAS100) Long-Term Trend: Bullish

Unfortunately, that momentary surge wasn’t enough to break the resistance, and the buyers have been kept in check ever since. This bullish market has been on the rise since March 2023, with new highs and lows being created as more traders enter the market. As a result, buyers are gaining more power. The 15876.50 level is becoming increasingly significant. However, the buyers have yet to break through, and the market remains in limbo.

The new month is just around the corner, and traders are looking for any sign of a resurgence in buyers. If they can break through the 15876.50 level, it could signal a major shift in the market. It would provide a huge boost to the buyers. Until then, the buyers will have to remain patient. They need to wait for the right moment to make their move.

Nasdaq 100 (NAS100) Short-Term Trend: Bullish

The Nasdaq 100 (NAS100) market could be in for a new adventure this August. Buyers may be encouraged to push harder to surpass the 15876.50 key zone. The market remains steady on the 4-hour chart. This suggests that buyers are not currently showing much momentum. The Chaikin Money Flow indicator has not given any clear indication of price directional flow. But the Parabolic SAR (Stop and Reverse) indicator is still bullish in the short term. Meanwhile, the Stochastic Oscillator is showing bearish headway and staying in overbought territory.

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