NAS100 Looks Vulnerable
- Double top remains intact
- Downtrend on 4-hr in place since 12/29
- Near-term picture is bearish under 4200
NAS100 looks vulnerable here as a series of lower highs/lower lows begins to develop after recording a double top during the month of December. As pointed out last week, the SPX500 looks to be in the process of developing a top. As long as the NAS100 stays below the trend-line off the 12/29/14 peak, the bears have the upper hand. At this time, it will take a strong move above 4200 to negate this bearish bias. A decline below 4049 and the underside channel line (dotted line) will further confirm the downtrend.
NAS100 4-hr: Oct ’14 – Present
--- Written by Paul Robinson, DailyFX Research
To contact Paul, email him at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.