Around 1.5% gain for Nasdaq 100 as buyers dominate and index holds above support

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Nasdaq 100 rises 1.59% today

Highlights

Nasdaq 100 trades above its key short-, medium-, and long-term moving averages, maintaining a resilient bullish structure.
Mixed technical signals persist, with MACD showing weakness but other indicators in overbought or oversold territory and intraday buyers active.
The index faces resistance at 29,414 and support at 29,307, with a five-day expected range of 28,515 to 29,762 and a 65% probability of a downward move.

Anton Kharitonov, expert at Traders Union, points to a technical uptrend in the Nasdaq 100 Index, yet notices concerning short-term signals. He highlights overbought conditions on RSI, Stoch RSI, and CCI, with the MACD sending a sell warning and traders ignoring downside risks. There is no supportive news flow, which further undercuts fundamental conviction. Kharitonov is cautious about the index's sustainability at current levels, especially with a 65% probability favoring a downward move. He says, "With technical overextension and no fresh positive catalysts, I expect sellers to regain control soon."

Viktoras Karapetjanc, expert at Traders Union, sees clear bullish potential as the Nasdaq 100 sustains all major moving averages. He views the consolidation near recent highs as a healthy pause and expects further gains if resistance is broken. Karapetjanc believes the strong long-term structure continues to invite institutional and retail interest, despite temporary momentum divergence. He concludes, "The bullish structure remains intact, and I expect the market to revisit new highs within days."

Sholanke Dele, market strategist, notes the absence of fresh news headlines, which limits confidence in the current rally. He is wary of mixed momentum signals and sees the volatility as a sign of risk rather than opportunity. Dele warns that the 65% probability of a downward move should not be ignored in short-term strategies. He states, "I advise caution — without positive news or solid sentiment, the rally could falter unexpectedly."

Mixed technical signals as momentum diverges from overbought readings

The index trades above its 20-day ($29,279), 50-day ($29,173), and 200-day ($27,188) moving averages, confirming a strong bullish structure from the short to long term. Immediate resistance is at $29,414, with support at $29,307. The MA-50 remains above the MA-200, strengthening the long-term bullish view. Momentum signals are mixed: the MACD gives a sell signal and the ADX is neutral. RSI, Stochastic RSI, and CCI indicate oversold conditions. Bull/Bear Power shows buyers dominating intraday momentum and also reflects an overbought state. The current session features an upside gap and price action near today's high, while intraday volatility is at 0.36%. Divergence between momentum and overbought/oversold readings underlines short-term uncertainty.

Earlier, analysts noted that concerns over inflation and interest rates were weighing on major U.S. equity indexes, though gains in select technology shares like Meta and Apple highlighted longer-term growth potential in artificial intelligence. The current technical setup for the Nasdaq 100 adds a new dimension, with persistent bullish momentum facing immediate overbought risks—making the $29,414 resistance and $29,307 support levels critical markers for traders to monitor in the days ahead.

Source of Data: NDX Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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