NDX100 Breaks Above Resistance on Market Open
NDX100 breaks above 8358 resistance.
Today’s out of hours has so far been a positive for the NDX100, with buyers adding 1.63%. The NDX100 is a CFD market that tracks the Nasdaq and Nasdaq futures in the out of hours session. Out of hours is the non-cash futures market that runs overnight outside the normal NY trading hours.
Looking at the NDX100 today we can see buyers have been active in today’s session. Buyers have beaten the 8358 level that was resistance back in March. Since then a new trend has developed and we’ve seen just over 26% added. This current trend has moved above the 50% Fibonacci point and is only 0.82% away from reaching the 61.8% point.
This starts to ask the question, what is this trend? are we seeing a new medium long term trend or are we still contained in a counter-rally that at some point may start back to the bear side of the ledger?
For me, the trend break after the downtrend break started to show some good signs. While the current uptrend holds we are looking for further buyer momentum. If the price does continue to extend we would be looking at the next resistance point as a test for buyers.
The next pullback, price on the short term is slightly extended. If we do see sellers start a correction we would like to see 7795 or 7550 come in as support to continue to support the current trend.