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NASDAQ 100: Outside week

Since the beginning of the year the index fell more than 1.0% however last week gained more than 1.5% and is in an accumulation phase since the end of March.

Last week the index rose with a wide range and close near the high of the week, however closed within the previous week range, suggesting a weak bullish momentum.

The Stochastic is showing a overbought market although is still displaying a strong bullish momentum.

Expecting an upward move to a weekly resistance at 4,640 (scenario 1) on a break above the previous week high at 4,561 and a bounce from the consolidation zone at 4,426.25 may push the index up to a weekly resistance at 4,640 (scenario 2).