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Market Analysis – January 23rd
Nasdaq bullish power remains in control. NAS100 has been capitalizing on its bullish extension as the buyers maintain a solid grip on the index market. The recent breakthrough above the significant level of 16945.000 has provided a significant boost for the buy market. It has, however, ignited a sense of confidence among buyers. Following this breakout, the buyers have decided to forge ahead, displaying their determination and resilience.
Market Key Levels
Resistance Levels: 17600.000, 16945.000
Support Levels: 16188.800, 14023.000
NAS100 Long-Term Trend: Bullish
Bullish liquidity flow has been on a high note since November of last year, with an increasing pace each month. This consistent flow of liquidity has contributed to the bullish momentum, keeping the market sentiment positive. The momentum indicator has remained solid, indicating the strength and conviction of the buyers in the market.
After successfully breaking above the market level of 15785.500, the buyers charged down, seizing the opportunity to push the price higher. After a brief period of relaxation, the bulls pressed on, displaying their tenacity and determination to reach the key level of 16945.000. This breakthrough showcased the buyers’ ability to overcome obstacles and set new milestones in the market.
However, as traders prepared for the new year, the Nasdaq experienced a short slip. This led to a period of consolidation in early January. This temporary setback allowed the market to stabilize and gather momentum for the next move. Fortunately, this week has witnessed a strong recovery, resulting in a breakout in the market. The resurgence of bullish sentiment indicates that the Nasdaq is ready to soar high and explore new territories in the coming months.
NAS100 Short-Term Trend: Bullish
However, in the short time frame, the bullish momentum has waned, and the buyers are pulling back slightly due to the excess liquidity flow. Traders should remain vigilant and stay alert until the buyers regain their stance and resume their bullish activities.
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