For the past week, the US100 has surged by over 1,000 points, signaling strong bullish momentum. The RSI stands at 69, indicating high demand and buyer dominance. A bullish Golden Cross pattern has emerged, confirming the upward trend. Despite a brief correction yesterday, with the index dipping to 20,200, it found solid support at the key 38.2% Fibonacci retracement level. This pullback attracted more buyers, potentially driving the NASDAQ towards December’s highs, 400-500 points higher. Broader market indices are also climbing, reinforcing a risk-on sentiment. For an optimal risk-to-reward ratio, traders eyeing further gains might consider waiting for a minor retracement to the 23% Fibonacci level near 21,380 before entering new positions. Alternatively, should buyers enter now with a straight up market order, they may consider a deeper stop loss, below this key Fibonacci retracement.
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