Past performance is not an indicator of future results
Previously we suggested that the NAS100 was in a good position for participants to start banking profits. Since then the index has pullback and the overbought condition has normalised. The left chart shows the NAS100 daily. It is trading on the border between the bullish and neutral areas. The hourly chart is on the right. A bullish EMA crossover and stochastic is needed on the shorter-term chart to take the daily back into the bullish area. If the hourly triggers do take place, the stochastic moving above 80 and holding those levels will indicate a likely bullish momentum. I.e. we may see a "dip in the uptrend" on the daily time frame if the short-term market participants cooperate.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.