Nasdaq index trying to jump above 10k again


The rally from Monday's lows has been impressive and the Nasdaq 100 index is trying to continue in its bullish tracks, trying to get back above the important 10,000 USD level.

On Wednesday morning, it was seen 0.3% stronger, trading at around the 10k zone.

This is the first intraday resistance, and if the price breaks above it, the short-term bullish could be confirmed. The next target will be at around 10,125 USD, where the current all-time highs are located. Another resistance could be at 10,200 USD.

On the other hand, the intraday support seems to be near 9,800 USD, and if not held, we could see a quick decline to 9,700 USD. 

The index is still not in the overbought territory on the one-hour timeframe, and the recent sharp correction cleared the overbought conditions on the daily chart, which means there is still some space for bulls before the index becomes overbought again. 

Equities should be supported by the Fed and Trump's stimulus plans, and it looks like the bullish trend will continue at least until the Presidential election in November. 
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