Nasdaq Technical Analysis Summary

The article discusses the recent technical movements of the Nasdaq index, particularly in relation to its 100-hour moving average (MA). Following a Supreme Court decision, the Nasdaq experienced a rebound, reaching an intraday high of 22,948.87. This rally brought the index close to the 100-hour MA, currently positioned at 22,961.75, which has historically attracted selling interest.

Key Points

• The Nasdaq index has struggled to maintain momentum, remaining below its 100-day moving average since February 3.
• Attempts to recover on February 9 and February 11 were unsuccessful, as both rallies stalled before reaching the 100-day MA.
• The recent test of the 100-hour MA is seen as a critical battleground between buyers and sellers.
• On the downside, the low of 22,256.76 from Tuesday found support near previous lows from late September, which helped stabilize market sentiment.
• For the bulls to gain control, a sustained move above the 100-hour MA is necessary, with a further break above the 200-hour MA needed to shift momentum convincingly in their favor.

Market Sentiment

The current market sentiment remains cautious, with sellers actively defending the 100-hour MA. The ability of buyers to push through this resistance will be crucial for any potential upward momentum in the near term.

Conclusion

The Nasdaq's performance is at a pivotal point, with technical indicators suggesting that the next moves will be critical in determining the short-term direction of the index. Investors are advised to monitor these levels closely as they could signal a shift in market dynamics.