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Signs Of A Nasdaq Bull

Published 08/31/2012, 10:50 AM
Updated 07/09/2023, 06:31 AM
Peak-and-Trough Progression
This morning's Nasdaq-100 futures contract was in a range between the support zone at $2,750 and the high at $2,790, then went on to jump with the rest of the market, rising nearly three quarter's of a point to 3070.74 in monrning trade.
Resistance And Support
Bonds And Crude
Bonds continue to trade higher after breaking out of a triple bottom: The advance is bearish for equities. Currently, the 30yr U.S. T-Bond is between $149 and $151. Crude oil is declining, lower lows and lower highs, and is trading near $95.50. Crude may be in the process of forming a bottom: confirmation of the bottom is required.

Trendlines And Moving Average
As of writing, the Nasdaq-100 was trading above its flattening 50-hour simple moving average.

Momentum
The 12-hour rate of change indicator is rising and above equilibrium: that suggests the price is above where it was 12 hour ago and the difference is increasing. The 24-hour rate of change indicator is rising and above equilibrium. The 14-hour RSI is rising and may be giving the first signs of a bull market. The 14-hour stochastic indicator is in the overbought zone and is signaling a bull market. The 14-period ADX is rising which suggests the market is trending. The market is above the parabolic SAR, a sign that the trend is towards higher prices.

Dow Jones industrial average And S&P 500
Both averages are confirming the rise in the Nasdaq-100 and are bouncing off the support zone.

Stop Loss Level
The protective stop loss level is $2,575: That level represents the worst case loss level and trades may be exited prior to the market reaching that level.

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