NAS100 Analysis: Gravity Catches Up, Can the Nasdaq Giants Regain Footing?

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the NAS100 for July 21, 2026.

Technical Analysis of NAS100

NAS100 Daily Chart Insight

• The NAS100 is currently undergoing a healthy correction within a larger bull market. It is sitting on the edge of critical support right now. Patience is required to see if this support holds for a bounce, or if it breaks, signaling a deeper pullback is underway.
• Key Levels: On the support side, buyers may step in first at 28,600–28,750, the current zone where the index is fighting at the medium-term moving average (the black line), and a reversal candle here could serve as a springboard for a bounce; if that fails, the next test would be Support 2 at around 28,350, the most recent swing low from early July; and if the correction deepens further, Support 3 at 27,300–27,600 represents major structural support, a zone of consolidation from early May before the final massive leg up. On the resistance side, sellers may step in first at Resistance 1 around 29,400, where the purple short-term moving average is acting as dynamic resistance and pushing price down; above that, Resistance 2 at roughly 29,770–30,000 combines the recent lower highs of the current downtrend with the psychological resistance of the 30k round number; and finally, Resistance 3 at around 30,828 marks the all-time/local high established in early June.

NAS100 2-Hour Chart Analysis

• Sellers remain firmly in control on the H2 chart. Until the index shows enough strength to break above the fast-moving average (purple line) and begin printing higher highs, bulls should treat any bounces with caution, as they’re more likely to form the next lower high before the downtrend continues.
• Breakout Scenarios: Bearish continuation is currently the higher-probability outcome, triggered by a break and hold below 28,500, targeting the swing low at 28,318 with deeper downside toward the 27,000s if that fails, confirmed by Stochastic staying embedded below 20. The lower-probability alternative is a short-term relief rally, triggered by a 2-hour close above the purple MA (~28,900), targeting the 29,350–29,450 resistance zone, confirmed by a bullish Stochastic crossover out of oversold territory.

NAS100 Pivot Indicator

• The Stoch is displaying strong bullish momentum, having recently completed a bullish crossover—with the blue line crossing above the red line—near the oversold zone around 20, and it’s now pointing sharply upward through the middle of the range (roughly 50–61). This suggests buyers currently hold control of the immediate short-term momentum.
• Bullish Breakout: A bullish breakout, or continuation of the relief rally, would be confirmed by a decisive M30 candle close above the black moving average and the recent minor consolidation near 28,800, signaling the short-term bullish reversal is playing out, with an immediate target of testing the structural high and the green moving average in the 28,950–29,025 zone, and confirmation coming from the Stochastic oscillator continuing its march toward the overbought level (80) without crossing back down.
• Bearish Rejection: A bearish rejection, signaling trend resumption, would occur if the current bounce fails at the black MA resistance and price rolls over, closing an M30 candle firmly below the purple MA and the recent 28,500 support, indicating the short-term relief rally was just a “dead cat bounce” and the broader bearish trend is resuming, with a primary target of retesting the major lows at 28,300, confirmed by a bearish Stochastic crossover—blue line crossing below red—turning downward before reaching the overbought zone.

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