Nasdaq 100 holds above 26,288; technical target 27,380

The Nasdaq 100 opened with a 1.1% gap lower on April 20 after renewed hostilities between the United States and Iran but found support around the 26,288/26,142 zone and traded inside a short-term ascending channel.

Tensions flared when Iranian forces again targeted vessels in the Strait of Hormuz and reimposed controls. The U.S. Navy subsequently seized an Iranian-flagged cargo ship in the Gulf of Oman. The ceasefire that began on February 8 was due to expire on April 21 (U.S. time). U.S. Vice President J.D. Vance was expected to lead another round of talks; Iranian state media reported no plans to participate.

Technical analysis projects upside targets at 26,776, 27,140 and 27,380 if the index holds above the 26,288/26,142 support cluster. An hourly close below 26,142 would point to a corrective pullback toward 25,900–25,800 and could extend to 25,215–25,110 if selling pressure continued. The short-term channel traces back to the April 7 low of 23,808.

Market breadth has strengthened in recent weeks. The percentage of Nasdaq 100 components trading above their 20-day moving average rose from about 11% on March 27 to roughly 80% by April 17. The share above the 50-day moved from about 15% to 62%, and the share above the 200-day increased from 40% to 50% over the same period. From the February 27 pre-conflict baseline through April 17, the index reversed an earlier 8% wartime drop and posted a 6.9% gain, trading above its October 29, 2025 record high.

Price action has remained above the 20-day, 50-day and 200-day moving averages since April 8. The 20-day average is approaching a crossover above the 50- and 200-day averages. Hourly relative strength readings held above a pullback support level near 44. An Elliott Wave interpretation of the rally from the April 2 low of 23,511 identifies a potential terminal zone between 27,140 and 27,380.

Analyst Kelvin Wong noted the 26,288/26,142 cluster as a short-term pivot and highlighted the listed upside and downside levels in his technical review. Traders are watching the support area and the ascending channel for signs of whether the index will resume its advance or move into a deeper corrective phase.