Nasdaq 100's short-term trend is not currently bullish, and there are several indicators that suggest caution:
- Recent Performance: The Nasdaq 100 index has experienced a significant sell-off, slipping 7% from its July 10 record high1. This recent downturn could indicate a lack of positive momentum in the immediate term.
- Technical Indicators: Various technical indicators are not providing bullish signals. For instance, the closing price, percentage change, and moving averages are not available, which makes it difficult to assess the current trend.
- Market Sentiment: The sentiment around tech stocks, which make up a significant portion of the Nasdaq 100, is cautious. Elliott Management's warning about Nvidia stock being in a bubble2 and the record volume in NDX options due to the tech-led selloff1 suggest that market sentiment is bearish.
- Fibonacci Retracement: The Fibonacci Retracement levels for the past year are not available, which is a tool used to identify potential support and resistance levels. Without this data, it's difficult to determine if the index is currently in a strong support zone.
In conclusion, given the current technical indicators and market sentiment, it is unlikely that Nasdaq 100 will experience an uptick in the next hour. Investors should exercise caution and consider these factors when making short-term trading decisions.