NAS100 reversal - playing through support/resistance levels
1) 13850 support held and downtrend broke
2) 14350 resistance held temporarily
3) Price broke up towards 0.618 fib retrace level where it rejected.
4) 14350 then acted as temporary support which broke
5) NAS100 is trying to bounce/find support around the previous 13850 support level.
If the 13850 level holds I think over the next couple of weeks we will make our way back to test the 0.618/0.702 fib retracement levels. If the 13850 level breaks I think that we will move down to 13000/13100, which could be seen as a pullback to the broken trend-line. However, a HTF close back below this trend-line will change my medium term view to bearish.
Today's US CPI release / tomorrows PPI release will likely provide the volatility required to break this level or bounce from it.
Short-term view: Neutral
Medium-term view: Bullish (new ATH in coming months)
Long-term view: Bearish (stock market crash within the coming year(s))
2) 14350 resistance held temporarily
3) Price broke up towards 0.618 fib retrace level where it rejected.
4) 14350 then acted as temporary support which broke
5) NAS100 is trying to bounce/find support around the previous 13850 support level.
If the 13850 level holds I think over the next couple of weeks we will make our way back to test the 0.618/0.702 fib retracement levels. If the 13850 level breaks I think that we will move down to 13000/13100, which could be seen as a pullback to the broken trend-line. However, a HTF close back below this trend-line will change my medium term view to bearish.
Today's US CPI release / tomorrows PPI release will likely provide the volatility required to break this level or bounce from it.
Short-term view: Neutral
Medium-term view: Bullish (new ATH in coming months)
Long-term view: Bearish (stock market crash within the coming year(s))
