Nasdaq100 (NQ) Ending Year Trying to Firm Just Above 2022 Low
Nasdaq100 (NQ) Weekly/Daily/4hr
Nasdaq100 (NQH23) is trying to hold the 2022 low going into year end as seen by the near complete weekly Hammer. Nevertheless, NQ appears less likely to bounce back by late January to descending wedge resistance (on the weekly chart) than it is to break in the same period below the 2022 low to wedge support. Watch for potentially sharp volatility going into mid next week with lower liquidity as a result of the holiday, triggered by any escalation in the Ukraine-Russia conflict. Congratulations to paying subscribers who benefited from the Oct 18, 2022 analysis highlighting the early stages of a month plus Dead Cat Bounce, the Jan 18, 2022 warning of the NQ keeling over on a monthly chart, the alert February 18th, 2020 one day before the record high in the S&P500, warning of a pending slide in the Nasdaq100 and from the March 24th, 2020 report highlighting the looming multiday to multiweek rebound in NQ. The weekly MACD is trying to negatively cross, which together with the downsloping weekly Stochastics is weighing on the bottomish weekly RSI. I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Hope you’re enjoying the holiday season, and have a fantastic 2023 ahead! Click here for analysis on S&P500, GOLD
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
