Understanding the NASDAQ 100's Resilience Against Corrections
Analysis of NASDAQ 100's Performance
The NASDAQ 100 index continues to exhibit a rare sign of recovery, raising the question of whether it will correct again this year. According to TradingShot, a pseudonymous trading analyst, a recent bullish cross between the 50-day and 100-day moving averages signals ongoing strength. Historically, this sign foreshadowed gains of almost +50% from the last significant buying opportunity in October 2022.
Upcoming Targets for NASDAQ
Looking forward, TradingShot projects a target of 22,500 before any significant corrections, marking the potential peak at the 1.618 Fibonacci extension from the October 2022 market bottom. Comparing recent market phases, TradingShot draws parallels to the 2008 Housing Crisis, strengthening the bullish narrative. However, MarketPulse analysts warn of potential resistance at 19,670, with current support levels at 17,160 to 16,930.
- Current NASDAQ 100 Performance: 18,921.40, down 0.20% for the day.
- Record of 3.30% loss in the weekly chart, against an 8.47% monthly gain.
- 13.52% year-to-date increase as of September 5.
Traders should remain cautious, as market conditions can shift rapidly. It is essential to conduct thorough research before making investment decisions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.