Nasdaq 100 is seen a short-term uptrend. The index could reach previous gap levels at 13075/13210 and perhaps even last August's peak of 13720, economists at Société Générale report.

Inching towards previous gap levels at 13075/13210

“Nasdaq 100 has witnessed a golden crossover i.e. the 50-DMA has crossed above the 200-DMA; this generally highlights further upside.” 

“Daily MACD has been posting positive divergence and has now established itself above the equilibrium line denoting prevalence of upward momentum.” 

“The index is expected to inch higher gradually towards previous gap levels at 13075/13210 and perhaps even towards last August peak of 13720.” “Defence of 200-DMA near 11900 would be crucial for persistence in up move.”