Chart of the day Nasdaq 100 uptrend remains intact

Short-term technical outlook on Nasdaq 100 (Tues, 17 Oct 2017)

Key technical elements

• The US Tech 100 Index (proxy for the Nasdaq 100 futures) has continued to inch higher to print new all-time highs after the expected bullish breakout from its former range resistance of 6010/20 on 05 October 2017. Click here for a recap on our previous short-term technical outlook.
• The bullish impulsive wave sequence remains intact for the Index as it continues to evolve within a short-term minor ascending channel in place since 26 September 2017 low.
• The key short-term support now rests at 6087 which is defined by the former minor swing high area of 13 Oct 2017, close to the lower boundary of the aforementioned short-term ascending channel and the 38.2% Fibonacci retracement of the on-going rally from 11 Oct 2017 low to today’s Asian session current intraday high of 6121.
• The next significant short-term resistances stand at 6146 follow by 6184 which is defined by the upper boundary of the aforementioned short-term ascending channel and the 0.618 Fibonacci projection of the up move from 26 September 2017 low to 09 October 2017 high projected from 11 October 2017 low.
• The hourly Stochastic oscillator has started to inch up from a support at the 40% (close to the oversold region) which suggests that short-term upside momentum of price action remains intact.

Key Levels (1 to 3 days)

Intermediate support: 6102

Pivot (key support): 6087

Resistances: 6146 & 6184

Next support: 6035/6010

Conclusion

Therefore, as long as the 6087 key short-term pivotal support holds, the Index is likely to see another round of potential bullish upleg to target the next resistances at 6146 follow by 6184 next.

However, failure to hold above 6087 shall negate the bullish tone for a short-term corrective decline towards the 6035/6010 support (minor swing low areas of 06/11 October 2017 & the former range resistance from 02 October 2017 that has been broken out on 05 October 2017).

Chart is from City Index Advantage TraderPro

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