The NAS100 daily chart (left) trades at support (green-shaded horizontal). This zone is around the 11,500 level. Bears have repeatedly tried to take the price below, but it has been defended to the point that the current candle has two interesting aspects:
1. It is an inside period, i.e. bears couldn't follow through to the downside.
2. The current candle before cash open is a bullish hammer.
Caution around points 1 and 2 is that the candle is still active and will be different at market close.
The hourly chart has bullish tendencies. The EMAs are positive (black ellipse), and the stochastic is heading up. A bullish swing may be underway if the stochastic can maintain in the 80+ region.
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.