The US technology index Nasdaq (US100), gained more than 1.5% today and again reached new all-time highs. The upward trend of the US stocks continues as the potential details regarding further support for the US economy increase the appetite for risky assets. Looking at the broad picture, the US100 is testing the upper limit of the local ascending channel, which may indicate a potential correction. Nevertheless, in the long term, the next target for the market bulls lies at the 13,555 pts level, which coincides with the 161.8% Fibonacci external retracement.
US100 interval D1. Source: xStation5
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