Nasdaq 100 is now only 2.5% away from all-time highs, trailing behind the Dow Jones and the SP500 as they gradually extend their gains following global market optimism. Currently, the tech-heavy index is trading at around 20,239 with what seems like a possible W-shape pattern. With the key resistance now in focus being the all-time high of 20,759, this is likely to prove challenging as we approach the US elections and the upcoming earnings spree. However, upon a break above this resistance, we could see a ‘Santa rally’ across November and December with 22,000 as a possible psychological target. Towards the downside, initial support is this week’s low of 19,718. A break below this level could shift the attention towards 19,000 as this level may act as psychological support. The indicators are beginning to look more positive again, however, the bullishness is not yet aligned. The MACD is close to moving back above its signal line, but it remains marginally below it. However, the RSI is once again bullish as it now reads 61.