NAS100 - The "weakest" chain. Bias switches to neutral/bearish
It is funny to say "weak", as all equity mkts have become uber bullish, but the truth is that among three major US indicies Nasdaq100 has been the weakest, it started to underperform a bit the SP500 and DJIA.
Daily: For the last 6 days Nas100 could not make a new higher high. The last three days' doji-like candles are within the body of the bigger red bearish candle, and seesm today we may havae a chance for a small bearish follow through. Slow Stoch and MACD are both bearish.
Ichimoku setup is still bullish, but Kijun Sen is catching up, and as that is the first support level, it will be important to watch how Price behaves at the 26 days avg.
4 Hrs: Price action turned neatral, and now may turn into short term bearish. We had a higher high, from where Price dropped back to the Kumo and 100 WMA. DMI is also bearish with increasing momentum (ADX coming up).
If Price breaks the 100 WMA and the Kumo cloud, then then we will have further bearish confirmations in form of a medium strong Tenkan/Kijun bearish cross, and possibly a bearish Chikou Span cross too.
The ultimate support to watch is at 4280.
Daily: For the last 6 days Nas100 could not make a new higher high. The last three days' doji-like candles are within the body of the bigger red bearish candle, and seesm today we may havae a chance for a small bearish follow through. Slow Stoch and MACD are both bearish.
Ichimoku setup is still bullish, but Kijun Sen is catching up, and as that is the first support level, it will be important to watch how Price behaves at the 26 days avg.
4 Hrs: Price action turned neatral, and now may turn into short term bearish. We had a higher high, from where Price dropped back to the Kumo and 100 WMA. DMI is also bearish with increasing momentum (ADX coming up).
If Price breaks the 100 WMA and the Kumo cloud, then then we will have further bearish confirmations in form of a medium strong Tenkan/Kijun bearish cross, and possibly a bearish Chikou Span cross too.
The ultimate support to watch is at 4280.
