Will Nasdaq 100 continue going up in the next1 hour?
10/29/2024 11:14pm
Based on the technical analysis and recent performance of the NASDAQ 100 index, it is likely to continue its upward trend in the next hour. Here's the technical analysis to support this conclusion:
1. **Recent Upward Trend**: The NASDAQ 100 index has been steadily climbing since some losses in the middle of last week. It has reached a high of around 20,500, which is the first target, followed by the July peak at 20,760.
2. **Positive Earnings Reports**: Recent earnings reports from companies like Netflix and Intuitive Surgical have boosted market optimism, leading to a surge in the NASDAQ 100 and S&P 500 to record highs.
3. **Technical Indicators**: The NASDAQ 100's technical indicators are positive, with the 5-day and 10-day moving averages at 4351.5 and 4355.79, respectively. This suggests a short-term upward momentum.
4. **Fibonacci Retracement**: The NASDAQ 100 is currently trading above its 0.382 Fibonacci retracement over the past year, which is a bullish signal.
5. **Market Sentiment**: The overall market sentiment is optimistic, as evidenced by the Morgan Stanley current market sentiment indicator reflecting a risk-positive outlook.
In conclusion, the NASDAQ 100 is likely to continue its upward trend in the next hour due to recent positive earnings reports, technical indicators, and market sentiment. However, it's important to note that the index may experience some short-term fluctuations, especially as the US election approaches and investors may take profits ahead of the weekend.