Nasdaq (QQQ) is bullish on weekly and daily charts with strong momentum, but the daily cycle is mature and nearing a potential peak zone requiring caution.

This is the Russell indicator on the weekly timeframe. It has suffered far greater technical damage than the S&P or Nasdaq indices.

The Nasdaq index is even stronger. We will take a look at it next. And now, here is the weekly chart for the Nasdaq index. The weekly structure remains constructive with the price staying above all significant weekly averages and moving towards a new record high this week.

This extension area here at the top has a very important cycle peak from the previous cycle, and also some important monthly Fibonacci levels. Overall, in this weekly chart, we still have upward momentum.

Our trading momentum is positive, and there is no collapse similar to what we saw in the Russell index.

Now, we will move on to the daily chart. Therefore, this indicator is clearly still the strongest among the major indicators. It reached a new record high of around 31,018 earlier today, and even after pulling back from that level now, it is still holding its position above the rising "slim bar" and well above its 89-day moving average.

Short-term trading momentum is positive. This is the " reflective detector" that colors our candles red, green, or gray based on momentum. It has remained positive since mid- September, and our reversal detector is also showing positive momentum.

But, just like S&P , this is a mature daily cycle . We are moving towards an area where we must be vigilant for the possibility of a peak. Therefore, when we combine these two timeframes, the weekly and the daily, the discrepancy that "Salim" pointed out becomes very clear.

The Nasdaq index was strong enough to set a new high. Its weekly structure is still constructive.

If Treasury bond prices continue to fall and yields rise again, we will be watching to see whether this pressure remains concentrated in the weaker parts of the market as we have seen so far, or whether it will start to spread to the S&P and Nasdaq indices.

You can see that the Nasdaq index is still very bullish across all three timeframes.