The Nasdaq 100 was initially able to continue its upward trend up to a record high of 15,002 points. There, a bearish Doji in the daily chart initiated a setback on July 13th. At the start of the week, the index formed a correction low at 14,455 points. Since then, the technology-heavy index has only known the way up. After four plus days in a row, it finally marked a new all-time high of 15,126 points on Friday.
Bull market confirmed
The overriding bull market was thus formally confirmed. We see potential next price targets from the Fibonacci analysis at 15,151 / 15,211 points, 15,340 points and 15,549-15,581 points. We would see a first warning signal for the bullish scenario in a significant daily close below the support at 15,000 / 15,002 points. In this case, Friday's outbreak would have turned out to be a false outbreak.
Warning signals
In view of the overheated and sometimes bearish diverging technical market indicators, the weak market breadth, the sentiment indicators signaling euphoria and the seasonality that will deliver headwinds from August, we consider the probability of a pronounced medium-term correction phase to be still high. Below 15,000 / 15,002 points, downside risks would arise in the direction of initially 14,320-14,455 points. Below that, a continued setback in the direction of 13,773 / 13,844 points would be indicated. From today's perspective, this would not jeopardize the overall upward trend.
Note:
Despite careful analysis, Global Investa accepts no liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
Bull market confirmed
The overriding bull market was thus formally confirmed. We see potential next price targets from the Fibonacci analysis at 15,151 / 15,211 points, 15,340 points and 15,549-15,581 points. We would see a first warning signal for the bullish scenario in a significant daily close below the support at 15,000 / 15,002 points. In this case, Friday's outbreak would have turned out to be a false outbreak.
Warning signals
In view of the overheated and sometimes bearish diverging technical market indicators, the weak market breadth, the sentiment indicators signaling euphoria and the seasonality that will deliver headwinds from August, we consider the probability of a pronounced medium-term correction phase to be still high. Below 15,000 / 15,002 points, downside risks would arise in the direction of initially 14,320-14,455 points. Below that, a continued setback in the direction of 13,773 / 13,844 points would be indicated. From today's perspective, this would not jeopardize the overall upward trend.
Note:
Despite careful analysis, Global Investa accepts no liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.