[Belgrade Bobby]

Market Summary 1

Key points:
Indexes down: Dow 0.15%, S&P 500 0.19%, Nasdaq 0.30%
Stocks pare losses, chips and software reverse course

[Belgrade Bobby]

US stocks rebounding. Nasdaq index bounces off a cluster of support targets

The NASDAQ index is rebounding sharply from its session lows after testing a key cluster of technical support levels. At the worst levels of the day, the index was down -389.29 points before buyers stepped in. It has since trimmed those losses significantly and is now  at 25.920

 

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

On the defensive after the uber uptrend stalled shy of 30000 (new record high 29702).

Now dependent on 28996 holding to contain the downside or face a loss of momentum that would expose 28661 and 28462 as obstacles to a shift in risk to 28000.

[GVI Forex 2]

NAS100 (NASDAQ) 1 HOUR

While trying to guess at a top has been been a consistent losing bet,anything other than a test of 30000 would be considered a disappointment.

To keep 30K on the radar, the trendline and 29362 need to hold.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR=

Failed retracement followed by a new record high as this pattern repeats here as well.

Support starts at the prior 29395 high buy for30000 to becomes the target, 29500+ is needed.

Otherwise, keeps a bid while above 28995.

[GVI Forex 2]

NAS100 (NASDAQ) 1 HOUR=

Pause below the record 29395 high leaves market with 2 choices

Consolidation (within 28660-29395) or retracement unless a new record high is set.

Currently, dependent on 28976 holding to prevent momentum from building for a run at 28660 (and 28461).

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR=

Same as US500:

See if the pattern of brief retracements followed by new record highs will be be repeated after the pause above key 283461 support..

If not, choice is consolidation (within 28660-29395) or retracement.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

Break of 29140 dents momentum but to trigger a more serious retracement, a 28461 break would be needed.

In any case, uptrend has paused as long as the 29395 high stays untouched,…firmly below 29140 would put 28461 on the radar as next chart support.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR=

Another day, another record high (20395)  with momentum rather than news driving the market.

Support at 29140 needs to hold to keep an uber  bid but only sub-28500 would cause a rethink of dreams for a run at 30K.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

US stocks again shrugging off geopolitical news with NAS100 extending its record high to 29350..

While 29139 is now support, it would take a solid move below 28500 (and 24461 support) to deflect attention from 30000 as a potential target.

 

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

One characteristic of this uber uptrend is that retracements, no matter how brief or shallow, have been followed by new record highs (28951 today).

Until/unless this pattern changes, bulls will continue to buy dips.

With that said, the pause below 29000 suggests this round number is the current obstacle although the broader target is 30000 while above 28000.

On the downside, 28460 blocks expoosinbg 28000.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

Time for a pause?

While betting against the NAS has been a losing bet, as long as the new record high (28853) stays intact market is in for a pause

On the downside, any move that trades above 27516 would be treated as a retracemt with downside contained as long as 28000+.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

15 out of 16 candles painted green (up) as NAS leadings stocks into unchartered territory.

Questions here as well is how much is discounted and what happens if Iran’s response disappoints.

The new record high at 28721 is the only resistance so use 28700-29000 as a potential zone.

On the downside, it would take sub-28K to consider a pause.

[GVI Forex 2]

NAS100 (NASDAQ)1 HOUR

Another record high (28705) in what has been a one-way street up.

To keep current momentum, 28353 needsw to hold as support.

.

[GVI Forex 2]

NAS100 (NASDAQ) 15 MIUNUTE

Continues it move into unchartered record territory with a new high at 28539 before taking a pause.

To slow the one-way train, a break of 25206-230 would be needed but even then only sub-28000 would cool the bull fever.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

Another new record high, this time busting through 28000.

If 28000 becomes support, then a run at 30000 cannot be ruled out.

If 28000 fails to hold, momentum is still pointed up as long as it holds above 27518

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

On a stronger footing than US500 as it sets a new record high that has kept 28000 looming on the radar as the next target.

This follows a pause above,27429, which now has 27518 replacing it as key support.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

For the pause below 28000 to turn into a retracement, 27428 would need to be broken with 26883-985 major support.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

Relinquished the leas to US500 as NAS100 only managed to retest its new record high at 27512 set earlier in the day.

In any case, risk on the upside while 27000+ although the double top bears watching.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

New record high (27512) and quick retreat needs to hold above 26895 to make it any more than a retracement

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

Whipsaw range (27297 -26986) following the deluge of earnings report not following through on either side.

No change otherwise to consolidation or retracement as long as the record 27423 high stays untouched.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

Same choices as US500: Consolidation or retracement as long as the record 27423 high stays untouched.

Meanwhile, keeping a bid while above 2700 with 26892 guarding key supports around 26550.

In any case, bulls will try to hang in awaiting the 5 big earnings reports after the bell.

[GVI Forex 2]

NAS100 (NASDAQ) UPDATE

Great chart!

Failure to follow US500 to a new record high saw a retracement that paused just above 26891 to contain the downside.

Bounce needs to regain 27135 to break down momentum.

In the meantime, 27000 likely pivotal in setting the trading tone.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

A failure to follow US500 to a new record high has led to some profit-taking that would need to take out 26551 to make the move down more than a retracement.

In the meantime, look for 27000 to be pivotal in setting its intra-day tone.

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

Stock markets are trying to disconnect from geopolitics with a focus on tech earnings this week.

NAS100 consolidating below the 27423 record high and thus has not confirmed US500 setting a marginal new record high.

Otherwise, keep an eye on the record high as it needs to be broken for a fresh dose of momentum.

[GVI Forex 2]

US STOCK MARKET UPDATE (1 HOUR)

Similar patterns: NAS100 (NASDAQ) and US500 (SP{500)   Retracement risks noited

NAS100:  Consolidating below the 27423 record high. Firm move below 27252 (tested) would be needed to break momentum for the latest leg up  and increase risk of a retracement.

US500: Consolidating below the 7181 record high. To break momentum from the latest leg and increase risk of a retracement, 7148 would need to be firmly broken.

NAS100                                                                 US500

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

New record high set at 26027 before the bottom dropped out on a news headline.

The volatility should see a more cautious approach into the weekend where 27000 is pivotal (i.e. needs to become support to build further momentum) while 26500 and 26198 need to  hold to keep the downside in check.

[GVI Forex 2]

NAS100 (NASDAQ) 1 HOUR

Is NAS100 ready for a pause?

Betting against the NAS has been a losing one but with 27000 holding and a lower high, a time for a pause cannot be ruled out.’

However, to break current momentum, 26638-26674 would need to be broken. (see chart)

[GVI Forex 2]

NAS100 (NASDAQ) 4 HOUR

NAS100 on a tear with another record high while US6500 lags and consolidates below its high.

While in unchartered territory only resistance is at the most recent high and a round number like 27000.

Another way to look at it is if 26500 becomes support then 28000 becomes a potential target.

 

[GVI Forex 2]

NAS100 (NASDAQ) 1 HOUR

Extended its record high (by just 2 pts so far) to 26769, suggesting it ran into sellers rather than stops above the high.

This bears watching as it could indicate a pause but bulls stay in control; as long as it trades above 26399.