Chart of the week: Nasdaq 100 hits new highs: Can the bullish trend survive?

• Bullish trend remains intact: The Nasdaq 100 has led the post-ceasefire rally, reversing earlier losses into gains and breaking above prior all-time highs, confirming strong upward momentum.
• Market breadth strengthening: A significant rise in the percentage of stocks above key moving averages signals broad-based participation, reinforcing the sustainability of the bullish trend.
• Resilient despite renewed tensions: Even with fresh conflict in the Strait of Hormuz, the index is holding key support levels with no bearish divergence, suggesting continued upside potential unless 25,215 critical support is broken.

Risk assets, such as global equities, have staged a dramatic bullish reversal on 8 February 2026 on the backdrop of the US-Iran temporary ceasefire agreement as both sides seek to enter a peace deal resolution, which put a pause to the six-week war.

The higher beta US technology heavyweight, the Nasdaq 100, led the pack, as it erased its earlier loss of 8% to record a gain of 6.9% (from pre-war baseline on 27 February 2026 to Friday, 17 April 2026) and cleared above its previous all-time high printed on 29 October 2025 (see Fig. 1).

In the past five trading sessions, the market breadth of the Nasdaq 100 has improved significantly, which supports the ongoing bullish trend.

The percentage of Nasdaq 100 component stocks trading above their respective 20-day and 50-day moving averages has surpassed above 50% from a low of 11% and 15% seen on 27 March 2026 to 80% and 62%, respectively, as of Friday, 17 April 2026 (see Fig. 2).

In addition, the percentage of Nasdaq 100 component stocks trading above their respective key 200-day moving averages has also increased to 50% from 40% over the same period.

The price actions of the US Nasdaq 100 CFD index (a proxy of the Nasdaq 100 E-mini futures) have gapped down by 1.1% at the opening hour of Monday, 20 April 2026, Asian session, as hostilities have erupted in the Strait of Hormuz, that saw Tehran firing at vessels and reimposing controls in the Strait of Hormuz, giving rise to a fluid situation in the US-Iran conflict.

In response, the US Navy fired upon and seized an Iranian-flagged cargo ship in the Gulf of Oman, casting doubts over the ceasefire that is due to end on Tuesday, 21 April 2026, at night US time. In addition, US Vice President JD Vance is set to lead the US for another round of peace talks with Iran on Tuesday; in contrast, Iranian state TV says there are no plans for Tehran’s negotiators to attend such talks.

Interestingly, the US Nasdaq 100 CFD index managed to stall its losses at around its former all-time high level of 26,288, which is acting as an intermediate support.

The 4-hour RSI momentum indicator has hovered at its overbought region (above 70) since 14 April 2026, but no bearish divergence condition has been flashed out at this juncture.

These observations suggest the short-term bullish trend in place from the 30 March 2026 low of 22,813 remains intact.

Watch the 25,215 key medium-term pivotal support to maintain the potential bullish acceleration movement on the US Nasdaq 100 CFD index. The next medium-term resistances stand at 27,127/27,380 and 27,994 (Fibonacci extensions) (see Fig. 3).

On the flip side, a break and a daily close below 25,215 invalidates the bullish acceleration scenario for a potential corrective decline towards the next medium-term support at 24,580/24,240 (the intersection area of the 20-day, 50-day, and 200-day moving averages, where 20-day is showing a potential bullish crossover condition).