NDX exhibits rare lack of weekly momentum confirmation indicating underlying weakness, but short-term momentum remains positive with upside potential to 31,300 if it breaks the 30,782 double-top resistance.

This is different from what we see when we look at the Nasdaq index, which I will show you in a few moments. So, what we are seeing here are conditions of declining momentum. When I look here at the Nasdaq NDX index, what we have is truly a rare case .

When I say that, I am specifically referring to our momentum indicator, the "reversal detector". What we have is a lack of confirmation that has not been present on this chart for 20 years.

When I look at it, and try to analyze it more deeply, I find that this fracture was quite sharp, just as you can see here. Then the Nasdaq index experienced a good correction. And then it started climbing again very quickly .

What this tells me is that this rare lack of certainty could mean that this was a false breakthrough.

The Nasdaq has clearly created a bottom right here, and this makes me consider the possibility that the decline I was expecting did not materialize because the momentum conditions improved so dramatically after this triangular corrective period here.

When I look at the Nasdaq and X indexes, I show you that lack of weekly confirmation. And now here on the daily chart, we have this peak that has reached exactly the same level as before.

Therefore, there is of course a possibility of a double top pattern, with resistance at that previous high of 30,782, and then an important monthly Fibonacci extension at 31,300.

If it manages to surpass that level, 31,300 will be the next target. You can see this bottom here, which came at just the right time . The next bottom here, which I'm going to slide out for you to see , will come somewhere around mid-October.

So, the question is: Will he be able to continue rising? The momentum here is stronger than what we see in the S&P 500, but again, when we look at the Nasdaq, we see this rare lack of confirmation, which tells us on the weekly chart that there is some weakness , and that something important is happening.

Currently, as I mentioned, it is still within range. There isn't much to conclude , except that the short-term momentum is positive, and there is still a possibility of surpassing that peak recorded this week at 30,770, all the way to the test zone at 31,300 on the Nasdaq.

So, if you look at the Nasdaq- Russell spread, if you are a trader of the pair here, you can see that it was telling you: be in a buy position, and make your options positions lean to the buy side in Nasdaq,