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NASDAQ 100: Reaching for 2015 high

Since the beginning of the year the index gained more than 1.0% yet last week rose more than 1.5% and is in a bullish phase since mid-July.

Last week the index rose with a wide range and close near the high of the week, nevertheless managed to close above the previous week high, suggesting a strong bullish momentum.

The stochastic is showing an extreme overbought market however is still displaying a strong bullish momentum.

Expecting an upward move to a weekly resistance at 4,739.25 (scenario 1) on a break above the previous week high at 4,664.00 however a break below the weekly resistance at 4,640.00 may force the index down to a key level at 4,528.00 (scenario 2).