NASDAQ seems to be bullish as it broke the resistance, which has now turned into support. The price is at 11400, which if moves the impulse, will continue forming higher highs and higher lows for the further escalataion upwards. Market is forming higher highs and higher lows which indicates the bullish momentum. 

The descending trendline has been broken out for buys with the validation of the candles with the bullish engulfing candles.

There is no retracement factor in this current setup for the bullish position. We are only considering the support tap and push upwards.

EMA 50 has broken out for buys and has retested the EMA 50 at the resistance turn support level. This is an addition to the technical factor for the bullish move upwards. 

RSI is at 62. This needs to be neutralized at the level of 50 in order for the market to continue moving bullish upwards. 

NASDAQ bullish setup

Oct 25 2022