Nasdaq retesting medium-term uptrend line

29/01/2021

It looks like another bullish day on Wall Street as US indices managed to erase all daily losses ahead of the US session. 

At the time of writing, the Nasdaq 100 index was flattish, trading at around 13,150 USD, having erased a 200 USD intraday loss.

More importantly, the index retested its major medium-term uptrend line, which currently stands at 12,950 USD. As long as Nasdaq trades above this support, all three outlooks look bullish. 

The next target for bulls could be at the current all-time highs near 13,600 USD, and if broken to the upside, a further rally toward 14,000 USD could occur. 

Alternatively, if the mentioned uptrend line is not held and Nasdaq drops below it, we could see a sharper correction to 12,700 USD or 12,500 USD. 

However, fundamentally, all dips should be bought as the Fed, and the US government are flooding the markets with stimulus money, which usually ends in the stock markets.
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