4-hrs US100: Big Support Holds At 20 400
The NASDAQ 100 recently experienced a healthy correction, dipping to 20,400, which coincides with the key 61.8% Fibonacci retracement level. This level acted as a strong support, sparking a robust bounce back to the upside. Encouragingly, the Relative Strength Index (RSI) has moved out of oversold territory, signaling a potential resurgence of buyer confidence and momentum.
As the index recovers, new support appears to be forming higher, around the 38% Fibonacci retracement level. If this support level holds firm, it could further reinforce bullish sentiment and attract additional buyers eager to capitalize on the market's upward trajectory.
The broader trend remains decidedly bullish, suggesting that the NASDAQ 100 retains significant upside potential. A retest of the recent highs around 21,200 seems not only plausible but increasingly likely as buyers reassert control. This scenario reflects a resilient market, poised to continue its climb after consolidating recent gains.
