NASDAQ 100 index (US 100) still in bullish mode, but the correction may be close.
The NASDAQ 100 index continues to print higher highs and higher lows in the daily chart, running to fresh six-month highs ahead of the all-time high around 7700.
However, the technical indicators seem to be overstretched, suggesting a possible downward correction could be near. Specifically, the stochastic oscillator is hovering in the overbought zone, while the RSI has found resistance near the 70
If the bulls stay in control, the next resistance level to watch is the all-time high, before heading towards the psychological level of 8000.
On the other side, if momentum indicators prove that a bearish retracement is near, immediate support is coming from the 7510
Overall, the near-term picture remains cautiously positive, though a corrective pullback may be on the cards in the immediate term.
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