Market Analysis – October 17
Nasdaq (NAS100) bears look to sustain their attack following a reversal. The NAS100 market is currently witnessing a resurgence in bearish strength. This tells us that the upcoming sessions could favor further sell-side movements. The recent trade that led to the market reaching the 15332.90 significant level served as a turning point. It, however, marks the end of the prevailing bullish trend.
Nasdaq (NAS100) Important Zones
Resistance Zones: 15332.90, 14979.20
Support Zones: 14418.30, 13516.50
Nasdaq (NAS100) Long-Term Trend: Bearish
Buyers had been making a concerted effort to push prices higher. However, their endeavors came to an abrupt halt as the previous week concluded with a significant reversal. It is this reversal that has encouraged sellers to mount a renewed attack. Their sights are set on driving prices back to the 14418.30 significant level.
The 14418.30 significant level has remained unbreached for an extended period. The last attempt to break below it occurred the previous month. However, sellers were unable to sustain their momentum, leading to a swift rebound by buyers. It is worth noting that the impending days will be crucial in determining the extent of sell-side influence.
The Stochastic RSI (Relative Strength Index) on the daily chart highlights its alignment with the recent reversal signal. It emphasizes sellers’ intention to drive prices lower. The presence of this bearish signal could further confirm the dominance of the sell-side trend.
Nasdaq (NAS100) Short-Term Trend: Bearish
For sellers to maintain their advantage, they must bolster their position in response to the recent reversal. This will help prevent buy-side traders from regaining control and maintaining the current bearish momentum.
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