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Market Analysis – September 10
The Nasdaq 100 index has found support at the key demand level of 18,434.0, where a bullish order block (OB) formed back in May. This order block remained unmitigated until August 5. The recent test of this demand zone has triggered a strong upward momentum, pushing the price to 19,900.0 and surpassing the previous bearish order block.
On the daily chart, the last bearish order block featured a swing high at 19,574.0. The dip into the demand zone at 18,434.0 sparked a rally that pushed the price beyond this swing high, signaling a Change of Character (CHoCH) and marking the beginning of a bullish trend reversal.
Following the CHoCH formation, the Williams Percent Range indicator signaled an overbought market condition. Additionally, the Machine Learning Lorentizan Classification indicator issued a sell signal when the price broke below the swing low of 19,097.0. This led to a retracement, bringing the price back to a bullish order block that emerged from the demand zone.
Nasdaq 100 Short-Term Trend: Bearish
While the higher timeframes remain bullish, the pullback has established a clear bearish trend on the four-hour chart. The Williams Percent Range now indicates the market is ready for another upward move, as the higher timeframes suggest oversold conditions. A break above the swing high of 19,079.0 would likely confirm the resumption of the bullish trend, setting the stage for further upward movement.
For those tracking forex signals, this bullish trend could present an opportunity for upward momentum in the near term.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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