NASDAQ100 Slumps Above Level 15506, Unable to Break Level 16400

Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 has fallen significantly in a downtrend but unable to break level 16400. The index is in a sideways move below level 16400 overhead resistance. On January 4, NAS100 faced rejection at the overhead resistance. The market declined sharply to the low above level 15506. Nonetheless, in previous price action, the index has fallen above the current support and resumed upward. Since November, NAS100 has been fluctuating between levels 15500 and 16400. Today, the index may find support above level 15500.

Daily Chart Indicators Reading:
The index is at level 38 of the Relative Strength for period 14. NAS100 is in the downtrend zone and below the centerline 50. The price bars are below the 50-day SMA and the 21-day SMA indicating a downward move. The 50-day SMA and the 21-day SMA are sloping horizontally indicating a sideways trend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 is in a downward move. The index has reached the low of level 15506. Meanwhile, on January 5 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will fall but reverse at level 1.272 Fibonacci extension or level 15375.33.

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. NAS 100 has fallen to the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.


General Outlook for NASDAQ 100 (NAS100)
NAS100 has been fluctuating above level 15500 but unable to break level 16400. The index has been range-bound between levels 15500 and 16400. It is expected to resume upward as it reaches the oversold region.


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