Market Analysis – November 22
Nasdaq (NAS100) bulls strive for expansion after accumulation last week. Nasdaq is experiencing renewed bullish momentum as buyers regain strength. This week, there’s been a noticeable shift in favor of buyers, with accumulation observed above the 15754.700 signal level in recent days. Last week, buy-traders successfully broke through this key level. Instead of a resurgence of bearish strength, buyers have remained persistent in the index market.
Nasdaq (NAS100) Market Levels
Resistance Levels: 15754.700, 15127.200
Support Levels: 14053.300, 13439.700
Nasdaq (NAS100) Long-Term Trend: Bullish
The bullish structure has maintained composure for weeks. This was initiated by the activation of bullish expansion when sellers relinquished control within the trending channel. Buyers led a breakthrough, escaping the channel a few weeks ago, and a retest occurred at the key level of 15127.700. The absence of relentless effort from buyers is evident as they continue to press further.
Having breached the 15754.700 significant level, buyers seek more expansion, maintaining focus as the new week unfolds. The Parabolic SAR (Stop and Reverse) has not signaled a bearish reversal yet. The MACD (Moving Average Convergence and Divergence) indicator indicates that buy traders are still lingering forward.
Nasdaq (NAS100) Short-Term Trend: Bullish
With traders remaining steadfast, it becomes challenging for sellers to exert their strength. The index market appears poised for continued bullish activity. On the short time frame, the buyers are also recovering after lasting equilibrium. The index market still, however, points out for expansion despite sell penetration last week.
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