Daily Chart

The NAS100's momentum has declined, as per the slow stochastic slipping below 80 (blue rectangle). This, as the index closed lower over the last two consecutive days. However, we do note that yesterday's candle closed well off of its low. I.e., the bears lost control at the low point as bulls took over. Today's price action will be interesting to see if the bulls are able to follow through. If today's low is higher than yesterday's low, and if today's close is higher than yesterday's high (aqua horizontal), a swing-low will have charted. This, in of itself, does not guarantee higher prices, but a swing cannot take place without the swing-low locked in.

Hourly chart

One way to assess the progress of the bulls is to monitor a lower time frame. Here, we consider the hourly. We note the S1 pivot, which has overlapping price support (aqua ellipse). If the price falls through this level, the swing-low cannot chart today (today's low will be lower than yesterday's low).

If the EMAs and stochastic cross bullishly, the bulls will be attempting to push forward. However, the stochastic will need to reach 80 and hold this level. This would suggest an underlying bullish momentum. These often result in meaningful swings (e.g., aqua trendline and rectangle)

Weekly Chart

The weekly chart shows the current NAS100 weekly swing and presents a conundrum. The only clear reference point is trough, T. We don't know where the current swing will end (the current candle, although red, has a higher low and higher high than last week's candle). Therefore, the peak is unknown. Moreover, a swing does not make a trend. An uptrend needs a higher trough followed by a higher peak. This suggests that a correction is due, and we examine the above daily and hourly with this in mind.