The Nasdaq 100 is actively quoting at 29,503 (+0.95%), buoyed by positive sentiment in tech stocks as investors react to favorable earnings reports and a resilient economic outlook. This upward movement signals a potential shift in momentum, as the index is now positioned above both its 20-day simple moving average (SMA-20) and 50-day simple moving average (SMA-50), indicating a bullish trend in the short to medium term.

Currently, the Nasdaq 100 is trading above the SMA-20 at 29,439 and the SMA-50 at 29,272, while the relative strength index (RSI) sits at 45.6, reflecting a neutral territory that suggests room for further upside. The index remains within striking distance of its 52-week high of 30,661, having recently bounced off a previous close of 29,225, which reinforces the potential for continued upward movement.

Looking ahead, the key resistance level to watch is the 52-week high of 30,661, while support is established at the SMA-50 of 29,272. A decisive break above the resistance could signal a stronger bullish trend, while a drop below the support level may indicate a reversal in sentiment.