Market Analysis – November 3
Nasdaq (NAS100) buyers are trying to reclaim strength. Buyers in the Nasdaq (NAS100) market are currently attempting to regain their strength. However, they are more likely to face a few challenges. The NAS100 market experienced a notable presence of sellers in the past week. Towards the end of that bearish phase, sellers managed to breach the significant zone at 14319.80. This suggests that the sellers have had some success in exerting downward pressure.
Nasdaq (NAS100) Key Zones
Resistance Zones: 16039.60, 15333.60
Support Zones: 14319.80, 13782.00
Nasdaq (NAS100) Long–Term Trend: Bearish
As the new week begins, it’s evident that the selling momentum has been held back. Also, the market pressure hasn’t continued to push lower. The bears could regain their strength and control at any time, particularly if buyers step back from the market. The recent cross on the Moving Average (MA) crossing indicator shows a bearish opening. This further supports the possibility of sellers reentering the market.
The Moving Average Convergence and Divergence (MACD) indicator is still positioned below the 0.00 level. The second indicator shows a bearish sentiment. This indicates the potential for a market drop down to the 13782.00 significant zone.
Nasdaq (NAS100) Short–Term Trend: Bearish
On the 4–hour chart, it appears that the bears are poised to make a move lower toward the 13782.00 significant zone. Sellers seem to be back in control and could push the market downward in the near future. This therefore implies more room for market volatility.
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