Kumowizard
Short

Nas100 - Getting in trouble? It trades at Bulls' last support

FX:NAS100   NASDAQ 100 index of US listed shares
26 0 0
Obviously Nasdaq100 has been trading very poor recently. 4 Hrs setup is still fully bearish , and volatility is increasing. Price action compared to other indexes suggests there's a rotation from previous leaders into lagging equities . In fact (besides a lot of other fundamental factors) this is not a very good news for US equity bulls in general. But let's have a look purely on technicals. On daily time frame it has arrived to the Kumo bottom and the uptrend line is here as well. If it breaks, then the future won't be very bright. Slow Stoch is in oversold, what means one thing: swing up will likely happen. The question is if it happens from this last support, or after the break of the support. In any of these cases the swing up could happen upto 3640-50. There we can start looking for sell signals again.
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