NAS100 stalls at 29803 as 4H downtrend keeps sellers in charge

Price is grinding under key resistance with trend momentum yet to turn, and last week's breakdown is still unfinished business.

NAS100 closed the session up a marginal 0.01% on the day but remains nearly 2% softer on the week, trading inside a 29619.15 to 29862.00 intraday range. A sequence of supports broken over the prior week — levels that once anchored the bullish structure — are now overhead supply, and the tape is not arguing for a swift recovery.

The setup favours continuation of downside pressure. The 4H trend is pointing lower and trend alignment is mixed across timeframes, with no clean confluence to support a bullish case. Price sits below EMA50 at 29858.43 and has been unable to reclaim it, while EMA20 at 29736.77 provides a modest floor — thin comfort with volatility elevated and ATR running wide. RSI sits in neutral territory, offering no oversold signal to fade into. From a momentum perspective the path of least resistance remains down; rallies into the 29790–29803 resistance cluster read as supply, not breakout attempts. EMA200 at 29703.28 is the next meaningful structural reference below current price.

We look to sell into 29790–29803 on any near-term lift. A 4H close above 29913.70 invalidates the bearish lean and forces reassessment. First target is the 29678.60 support shelf, with 29593.60 in view beyond that.