NAS100 reacts off of key Fibonacci level
FXCM's weekly Nasdaq CFD, NAS100 had three weeks of gains but now appears to be reacting to the 61.8% retracement of its last impulse move. Last week's candle is an inverse hammer. I.e. bulls took the price up to the high for the week before losing control to the bears and closing well off the high. This week's candle (not completed ) has bearish follow-through, following the hawkish comments by Brainard and Daly, which pushed bond yields up. Tomorrow, Bullard is due to speak, and if his remarks continue to push yields higher, NAS100 is likely to come under further pressure.
Technically, the 61.8% level is often targeted by market bears.I.e., the previous three-week rally may be a bear market rally, which can be very damaging to participants.
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Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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