Market Direction and Stock Trends

[DiscoverGold]

NASDAQ 100 Index - Turning Back UP »» Daily Summary Analysis
By: Marty Armstrong | August 1, 2020

NASDAQ 100 (US) opened above the previous high and closed above it as well warning of a bullish posture right now. It closed today at 1090588 and is trading up about 24% for the year from last year's settlement of 873307. The month closed up above the previous high of 1030690 for the past four months which was in a bullish posture . At the moment, this market has been rising for 4 months going into August suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low.

The NASDAQ 100 (US) has continued to make new historical highs over the course of the rally from 2008 moving into 2020. Clearly, we have elected four Bullish Reversals to date. .

This market is still what we classify as a Bull Market given its strong posture above our Weekly to Yearly indicating models.

The perspective using the indicating ranges on the Daily level in the NASDAQ 100 (US), this market remains moderately bullish currently with underlying support beginning at 1080087 and overhead resistance forming above at 1101743. The market is trading closer to the support level at this time.

On the weekly level, the last important high was established the week of July 13th at 1106926, which was up 16 weeks from the low made back during the week of March 23rd. This was a key week for at least a temporary high. We have been generally trading up for the past week from the low of the week of July 20th, which has been a move of .0539%.

Interestingly, the NASDAQ 100 (US) has been in a bullish phase for the past 4 months since the low established back in March.

Critical support still underlies this market at 811172 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.

DiscoverGold